A global investment group has completed the lease agreement for the Indiana Toll Road. Under the nearly $5.75 billion deal, IFM Investors has acquired the bankrupt international consortium that was selected in 2006 to operate the 156-mile stretch. IFM says ITR Concession Co. LLC's original lease agreement remains intact. Sixty-six of the original 75 years are still left on the deal.
The company says it plans to pump more than a quarter-million dollars into upgraded infrastructure. Improvements are expected to be complete over the next five years and include bridge and pavement rehabilitation, a revised travel plaza strategy and fixing what IFM says are minor environmental-management issues.
The Indiana Finance Authority says IFM was picked from four finalists that were pre-qualified and vetted by the state.
The company's investment portfolio includes 13 infrastructure assets, four of which are toll roads. It is also the second time this year IFM is partnering on a toll road in North America.
Indiana Toll Road Oversight Director Jim McGoff says, “Since the bankruptcy was announced, we have assured Hoosiers that Toll Road operations would follow business as usual, and that has been the case.”
Editor's Note: A previous version of the story incorrectly used the term “owner” when referring to IFM's lease.