BCI and Mubadala Participate in Cube Highways Trust
Posted on 04/19/2023
Cube Highways announced the listing of its Infrastructure Investment Trust (InvIT). British Columbia Investment Management Corporation (BCI) and Abu Dhabi-based Mubadala Investment Company became anchor investors in Cube Highways Trust. BCI, Mubadala, and domestic institutional investors have subscribed to the ordinary units. The infrastructure investment trust announced the listing of its fully subscribed, privately placed shares at US$ 630 million, or INR 52,258.27 million. The InvIT raised the funds to develop its portfolio of 18 toll and annuity road assets spanning 1,423.60 kilometers across India.
The first tranche of assets held by the InvIT includes 17 National Highways Authority of India (NHAI) toll roads and one NHAI annuity road asset, situated in 11 Indian states.
Cube Highways Trust also signed a Rs 10,000 crore (US$ 1.2 billion) loan facility with the State Bank of India for refinancing its existing debt, the company said in a press statement.
I Squared Capital’s Indian roads platform is called Cube Highways. Cube Highways’ existing investors include I Squared Capital, Abu Dhabi Investment Authority (ADIA), and Japan Highways International BV.