RBC Capital Markets’ bankers have started shopping a 55.45 per cent stake in Melbourne tollroad EastLink.
RBC Capital Markets’ bankers have made a four point pitch to sell a controlling 55.45 per cent stake in Melbourne tollroad EastLink’s holding company, and started booking in potential buyers for briefings.
Melbourne’s EastLink has been owned by a group of pension funds for the past decade. Some of those are now looking to sell their stake.The flyer, seen by Street Talk, said ConnectEast was the largest tollway network in Victoria, had a remaining 20-year concession life and a Baa2 credit rating from Moody’s.
The bankers’ four point pitch started with the established road’s size and scale , said it was “located in an ideal catchment area with established traffic” and moved on to its track record with 14-years of operating history and toll escalations linked to the Consumer Price Index.The fourth point was potential for future growth, with the road potentially able to benefit by connecting with the under development North-East link.
and is seldom beat in Australian motorways auctions. Transurban isn’t able to acquire the stake under an existing agreement between the road’s investors, although that may change nearer the sale date.
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