Caisse de dépôt et placement du Québec (CDPQ) has acquired a 15% interest in the Indiana Toll Road (ITR) from a subsidiary of the IFM Global Infrastructure Fund (GIF) for an undisclosed amount.

Melbourne-based IFM Investors acquired the 157-mile toll road for US$5.7bn (€4.7bn) in 2015 from the operating company which went bankrupt the year before. Australian superannuation fund Cbus also made a $140m co-investment at the time.

In May 2016, the California Public Employees’ Retirement System bought a 10% share in the US road infrastructure from IFM Investors.

IFM Investors has spent the past five years upgrading the asset, which is now one of America’s most important transport corridors. The toll road is operated and maintained under a concession and lease agreement for the next 60 years.

“ITR is a critical channel for the flow of goods in the United States. Its resilience and importance for the logistics industry has been demonstrated in recent months,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at Canadian pension fund manager CDPQ.

Kyle Mangini, global head of infrastructure at IFM Investors, said: “The success of this transaction demonstrates the high-quality nature of the ITR and the significant value-adding initiatives that IFM Investors has undertaken since acquisition of the asset in 2015.”

Following the completion of the sale, IFM GIF continues to own more than 70% of ITR. 

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