New Delhi: Cube Highway Trust, managed by Cube Highway Fund Advisors Pvt Ltd, on Thursday said it will acquire seven highway assets from Singapore-based Cube Highways & Infrastructure III Pte Ltd and Cube Highway Infrastructure Pte Lt. Ltd. at an enterprise value of Rs 5,172 crore.
According to Cube Highway Trust, the highway assets including six Hybrid Annuity Model (HAM) assets and Build-Operate-Transfer (BOT) assets span approximately 2,200 lane kilometers and are spread across the geographical footprint of Andhra Pradesh, Maharashtra, Telangana and Tamil Nadu. Are. said in a statement.
"Cube Highway Trust, managed by Cube Highway Fund Advisors Pte Ltd, today announced the proposed acquisition of up to 100 per cent equity shareholding in seven highway assets from Singapore-based Cube Highways & Infrastructure II Pte Ltd and Cube Highway Infrastructure Pte Ltd. Sponsors of Cube InvIT has one or more tranches,” it said.
The statement said the proposed acquisition was approved by the investment manager's board of directors held on Thursday, subject to the approval of Cube InvIT's ordinary unitholders.Pankaj C Vasani, CFO of Cube InvIT Group, said, “The enterprise value of these assets (seven highway assets) is Rs 5,172 crore as of February 29, 2024, and will be acquired through a mix of internal accruals and debt, subject to necessary approvals "
According to the statement, the board has also approved the postal ballot notice to seek approval of common unitholders for the proposed acquisition.
With these acquisitions, the InvIT's asset portfolio will include 25 diverse properties spread across 13 states.
Cube Highway Trust is engaged in implementing the Public-Private Partnership (PPP) model in the highway sector of the country to operate and manage highway projects in collaboration with the Central and State Governments.
It is backed by a diverse investor base, including the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation and Abu Dhabi's sovereign investor Mubadala Investment Company, among others.
According to Cube Highway Trust, the highway assets including six Hybrid Annuity Model (HAM) assets and Build-Operate-Transfer (BOT) assets span approximately 2,200 lane kilometers and are spread across the geographical footprint of Andhra Pradesh, Maharashtra, Telangana and Tamil Nadu. Are. said in a statement.
"Cube Highway Trust, managed by Cube Highway Fund Advisors Pte Ltd, today announced the proposed acquisition of up to 100 per cent equity shareholding in seven highway assets from Singapore-based Cube Highways & Infrastructure II Pte Ltd and Cube Highway Infrastructure Pte Ltd. Sponsors of Cube InvIT has one or more tranches,” it said.
The statement said the proposed acquisition was approved by the investment manager's board of directors held on Thursday, subject to the approval of Cube InvIT's ordinary unitholders.Pankaj C Vasani, CFO of Cube InvIT Group, said, “The enterprise value of these assets (seven highway assets) is Rs 5,172 crore as of February 29, 2024, and will be acquired through a mix of internal accruals and debt, subject to necessary approvals "
According to the statement, the board has also approved the postal ballot notice to seek approval of common unitholders for the proposed acquisition.
With these acquisitions, the InvIT's asset portfolio will include 25 diverse properties spread across 13 states.
Cube Highway Trust is engaged in implementing the Public-Private Partnership (PPP) model in the highway sector of the country to operate and manage highway projects in collaboration with the Central and State Governments.
It is backed by a diverse investor base, including the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation and Abu Dhabi's sovereign investor Mubadala Investment Company, among others.
