A consortium of HICL Infrastructure Company Limited, DIF Infrastructure IV and Northleaf Capital Partners has successfully reached financial close in the acquisition of the Northwest Parkway in Denver, Colorado. The sale was approved on February 7th by the Northwest Parkway Public Highway Authority, and then on March 10th, HICL, DIF and Northleaf announced the completion of the acquisition. HICL is advised and operated by InfraRed Capital Partners.
The road, which opened in 2003, has strong traffic history and connects with several toll and non-toll highways, including E-470, I-25, US-36 and US-287, providing convenient access to residential and commercial centers in the region. Revenues are generated by tolls through an all-electronic tolling system.
Brisa, a Portuguese toll-road operator, had originally entered into an agreement with the Northwest Parkway Public Highway Authority, which involves the operation and maintenance of a 14km section of the beltway system in the Denver region. Northwest Parkway has 90 years left on its 99-year concession to operate and maintain a 14km section of the beltway system extending around Denver.
The Operis advisory team provided financial modelling and advisory services to the successful consortium.