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EY has successfully advised British Columbia Investment Management Corporation (BCI) for its investment as an anchor investor in Cube Highways Trust.
This is the first investment of BCI in the Indian Highways sector. This is the fifth InvIT transaction in which EY has been involved as an M&A advisor. With this transaction, the EY M&A team advised on the closing or signing of ~40 highway projects across seven transactions during the last 18 months, aggregating to an enterprise value of over US$ 6+ billion. This achievement re-emphasises EY’s position as market leaders in infrastructure M&A transactions.
Cube Highways Trust is one of the largest highway InvIT in India with a diversified portfolio of 18 toll and annuity road assets with an aggregate length of 1,423.6 kilometres located across 11 states in India. Cube Highways Fund Advisors Private Limited, the investment manager for Cube Highways Trust, announced the listing of its fully subscribed, privately placed ordinary units of US$ c. 630 million on April 19, 2023.
BCI is among the largest institutional investors in Canada, with C$211.1 billion under management as of March 31, 2022. Based in Victoria, British Columbia, with offices in Vancouver and New York City, BCI invests in: fixed income and private debt; public and private equity; infrastructure and renewable resources; and real estate equity and debt.
BCI’s investment in Cube Highways is in line with our long-term strategy of investing in infrastructure platforms that meet the essential needs of the communities they serve. Additionally, this investment increases and diversifies our exposure in the infrastructure sector, as well as in India, enabling BCI to contribute to national economic growth. We look forward to working with Cube Highways to build long-term value for our public sector clients.
Cube Highways Trust is one of the largest highway InvIT platforms in the Indian market, comprising assets developed under all PPP modes, including toll and annuity. EY is proud to be associated with BCI as their exclusive financial advisor on its highways investment in India. InvIT forms an attractive investment avenue with long-term investment horizons and regular cash distributions backed by stable yields. This sector is expected to witness sustained demand from long-term investors for investments into existing as well as upcoming InvITs.