Incheon International Airport is the Korea’s largest airport with approximately 71 million passengers passing through each year. The IGB project began during the Asian financial crisis in the late 1990s when the Korean government was developing Incheon City and its associated traffic network and infrastructure, which was intended to establish the foundation for reinvigorating Korea’s economy and accelerating its recovery from the financial crisis.
The project involved a 4-year construction period with a 30-year concession right to successfully operate the facility.
In 2017, MKIF acquired an additional 23 per cent equity stake previously owned by AMEC and became the controlling shareholder of the Project with the largest shareholding composition. MKIF currently holds 64 per cent of equity and 81 per cent of the subordinated debt of the Project. MKIF’s commitment to the Project is KRW 299 billion as of March 2020.
Today IGB provides ~60k daily users with direct travel access to Yeongjong Island and to Incheon International Airport. Moreover, MAM’s deep expertise and capability in the infrastructure sector has given shareholders of, and lenders to, the Project a clear strategy for operational stability, sustainable growth, and financial profitability.
Jason Suh, Head of Macquarie Korea Asset Management Limited