Cube Highways InvIT buys 2 road assets of NIIF
Cube Highways Trust, the InvIT managed by Cube Highways Fund Advisors, has acquired 2 road assets from the Government owned National Investment and Infrastructure Fund Limited (NIIF), according to a Cube Highways statement.
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Cube has signed Share Purchase Agreements with NIIF for the proposed acquisition of 100% stake in — Quazigund Expressway Private Limited; and Athaang Jammu Udhampur Highway Private Limited — in Jammu and Kashmir.
The acquisition was made at an Enterprise Value of ₹4184 crore.
Quazigund and JU cumulatively span around 80 kms. QB is one of the longest bi-directional tunnels in India, while Jammu Udhampur is an essential link between Jammu and Srinagar. Both assets are fully operational availability-based concessions with an outstanding life of Six and a half years, it said.
“The proposed acquisition will optimally complement the existing portfolio of assets of Cube InvIT and will fit in with its strategy of deploying its debt capacity to acquire high quality assets,” the statement added.
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