KordaMentha, a receiver, and investment bank 3347 Goldman Sachs have put the Clem Jones tolled road tunnel in Brisbane, Australia up for sale.
Queensland Motorways as well as local and overseas pension funds are reported to be planning to bid for the asset, estimated to be worth US$617.15 million (AUD 600mn).
The closing date for first round bids is expected in middle of June 2013 and completion of the deal is scheduled at the end of September 2013. The Clem Jones tunnel is owned by River City and the company has rights to design, finance, build, commission, operate and maintain the tunnel until 2051. Brisbane City Council is expected to own the road tunnel after 2051. River City became insolvent in February 2011 after its debt reached AUD 1.5bn.
Queensland Motorways as well as local and overseas pension funds are reported to be planning to bid for the asset, estimated to be worth US$617.15 million (AUD 600mn).
The closing date for first round bids is expected in middle of June 2013 and completion of the deal is scheduled at the end of September 2013. The Clem Jones tunnel is owned by River City and the company has rights to design, finance, build, commission, operate and maintain the tunnel until 2051. Brisbane City Council is expected to own the road tunnel after 2051. River City became insolvent in February 2011 after its debt reached AUD 1.5bn.
