As previously announced, HOCHTIEF has completed the sale of its full 45.45 percent share in the operating company of the Vespucio Norte Express toll highway in Santiago de Chile, and has received the payment. The closing will take effect from the third quarter of 2012. The buyer is a consortium led by Brookfield. The divestment, which the company initially reported in July 2012, is worth around EUR 230 million. The sale of concessions which are developed by the Group through to the operating phase are an integral part of the business model and are included in the earnings budgets.
Vespucio Norte Express is one of the most modern road connections worldwide: In operation since January 2006, the link is one of the busiest roads in the Chilean capital. HOCHTIEF had planned, financed and built the link on the basis of a BOT contract (Build, Operate, Transfer) and has been operating it since its opening. In 2001, the company together with partners had received the contract for the 29-kilometer section of the toll beltway around Santiago de Chile from the Chilean Ministry for Public Works. The HOCHTIEF consortium expanded the existing road into a three-lane highway, built 19 interchange structures, took over extension of the drainage channels and completed the integrated toll and traffic control system (multilane free flow) ready-for-operation. The multilane free flow system is considered to be the world‘s most modern fully electronic toll system that is used as an integral and sub-system-compatible technique for the five highway concessions in Santiago de Chile with a total length of around 150 kilometers. Lazard was financial advisor of the transaction.
In Chile, HOCHTIEF Solutions (hochtief.com) is involved in another PPP project: The company holds 50 percent of the shares in the San Cristóbal tunnel and, together with its partner Brookfield Asset Management, has been operating the tunnel since 2008.