Western Access Tollway

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The Western Access Tollway project is divided in two phases. The first one, costing an estimated US$240 million with an expected completion date of 9/98, involves land expropriation (at a cost of US$ 52 million) and construction of an 8.7 km dual four-lane carriageway to link the existing 46.8 km carriageway to the city of Buenos Aires (cost: US$105 million). The first phase also includes the construction of 16 toll gates, two toll plazas and rest areas (this phase has been financed as follows: US$80 million in equity and US$160 million financing package from the IFC). The second phase will be implemented three years after toll operations begin, and it involves the upgrading of the toll highway, repaving and construction of interchanges and service roads (this phase will cost US$220 million and will be financed by revenues generated from the toll operations). Private participation is shared as follows: Roggio - 25.5%; CBPO - 24.8%; IJM - 24.8%; GMD - 24.8%. In July 1999, the concessionaire listed a 30% secondary share stake on the Buenos Aires Stock Exchange, with the shares trading at approximately US$ 2.10 (this is the first private highway concessionaire placement in LAC). In 2000, the Spanish company Acesa bought the equity stakes of Benito Roggio and Odebrecht's subsidiary CPBO in the project (49%). In March of 2006, a new contract was signed by the Argentine government and Grupo Concessionario del Oeste S.A. adjusting the tariff rate by 15% for the Western Access Tollway (Acceso Oeste). The internal rate of return on the project is estimated to be around 25% over the concession period and net profit is estimated at US$ 1.8 billion. None