InfraRed acquires Colombian road

InfraRed Infrastructure Fund III has reached an agreement to acquire a stake in a Colombian road P3.

The Fund has acquired a 50% stake in the Perimetral de Oriente de Cundinamarca road from Shikun & Binui and will also manage the remaining 50% share.  

Shikun & Binui is expected to receive a payment of approximately $60m and to record in its financial statements a profit of approximately $35 to $40m.  

Under a 22-year concession, the team will design, build, finance and maintain the $610m project which involves upgrade 148km of existing road plus the construction 5km of new greenfield bypass. 

The firms also have a 50/50 joint venture in two other projects.