Cube Highways Trust set to procure 7 highway assets

02 May 2024 CW Team

Cube Highways Trust, managed by Cube Highways Fund Advisors, announced on Thursday its intention to acquire seven highway assets from Singapore-based Cube Highways and Infrastructure III and Cube Highways Infrastructure at an enterprise value of Rs 51.72 billion. The highway assets, comprising six hybrid annuity model (HAM) assets and one build-operate-transfer (BOT) asset, cover approximately 2,200 lane kilometres and are situated across Andhra Pradesh, Maharashtra, Telangana, and Tamil Nadu, as stated by Cube Highways Trust.

In a statement, Cube Highways Trust expressed, "Cube Highways Trust, managed by Cube Highways Fund Advisors, today announced the proposed acquisition of up to 100 per cent equity shareholding in seven highway assets from Singapore-based Cube Highways and Infrastructure III and Cube Highways Infrastructure, the sponsors of Cube InvIT, in one or more tranches." The announcement further mentioned that the proposed acquisition received approval from the board of directors of the investment manager, subject to the endorsement of Ordinary Unitholders of Cube InvIT.

Pankaj C Vasani, the CFO of Cube InvIT group, commented, "These assets (seven highway assets) have an enterprise value of Rs 51.72 billion as of February 29, 2024, and will be acquired through internal accruals and a mix of debt, subject to necessary approvals."

The statement also outlined that the board sanctioned the issuance of a postal ballot notice to seek the consent of ordinary unitholders for the proposed acquisition.

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