Northleaf Capital Partners has closed its acquisition of a 33.3 percent equity interest in Northwest Parkway, a toll-road located in the Denver, Colorado area. No financial terms were released for the deal, announced in December and done in partnership with DIF Infrastructure IV and HICL Infrastructure Co Ltd. With the deal, Northleaf, a Canadian private-markets investor, and its partners own the rights to operate Northwest for the 90 years remaining in a 99-year concession. In January, Northleaf wrapped up its second OECD-focused infrastructure fund at its $950 million hard-cap target.
Northleaf Completes Acquisition of Stake in Northwest Parkway
TORONTO (March 10, 2017) – Northleaf Capital Partners (Northleaf) announced today that it has reached financial close on its acquisition of a 33.3% equity interest in Northwest Parkway, a toll road located in Denver, Colorado. Northleaf joined with its consortium partners DIF Infrastructure IV and HICL Infrastructure Company Limited to together acquire a 100% equity interest in Northwest Parkway from Brisa, a Portuguese toll-road operator. The acquisition was first announced in December 2016.
With the investment, Northleaf and its consortium partners own the rights to operate and maintain Northwest Parkway, a 14 km section of the beltway system extending around Denver, for the remaining 90 years of the original 99 year concession. The road, which opened in 2003, benefits from strong traffic history and connects with several important toll and non-toll highways, including E-470, I-25, US 36 and US 287, providing convenient access to residential and commercial centres in the Denver metropolitan area. The road generates toll revenue through a state of the art, all-electronic tolling system. The counterparty to the concession is the Northwest Parkway Public Highway Authority.
“Northwest Parkway represents an excellent investment opportunity for our investors. The asset offers exciting potential due to the strength of Denver’s economic and demographic factors,” said George Zakem, Managing Director and co-head of Northleaf’s infrastructure team. “Infrastructure assets that provide long-term exposure to U.S. economic growth, alongside like-minded investment partners, are a key focus of Northleaf’s investment strategy.”
“Following the final close of Northleaf Infrastructure Capital Partners II in January, this transaction further builds on the momentum we have seen across Northleaf’s infrastructure program in 2016 and early 2017,” said Jamie Storrow, Managing Director and co-head of Northleaf’s infrastructure team. “We are excited to complete another transaction which provides relative value to our investors.”
Northleaf Capital Partners
Northleaf Capital Partners is a leading independent global private equity, infrastructure and private credit manager, with more than $9 billion in commitments under management on behalf of public, corporate and multi-employer pension plans, university endowments, foundations, financial institutions and family offices. Northleaf’s global infrastructure program pursues direct investments in mature, conservatively-positioned infrastructure assets in developed markets.
Northleaf’s 85-person team, located in Toronto, London, Chicago, and Menlo Park, is focused exclusively on sourcing, evaluating and managing private markets investments globally. Northleaf currently manages six global private equity funds, a specialist private equity secondary fund, two infrastructure funds, a private credit fund and a series of customized investment mandates tailored to meet the specific needs of institutional investors and family offices. For more information on Northleaf, please visit www.northleafcapital.com.
For further information, please contact:
Jeff Pentland, Managing Director: +1 416 477 6165; [email protected]
George Zakem, Managing Director: +1 416 477 6509; [email protected]
Photo courtesy of Kiewit Corp