Private Equity

PE Fund Investments

Roads platform Cube Highways raises Rs.4,500-Cr for first InvIT: report

Economic Times  

I Squared Capital-backed, Noida-headquartered roads platform Cube Highways has raised INR 4,500 crore for its first infrastructure investment trust (InvIT) from Canada's British Columbia Investment Management Corp and Abu Dhabi's state-owned investment firm Mubadala. Domestic institutions such as construction company L&T's treasury operations and SBI Mutual Fund have also participated in the fundraising. The InvIT will have a right of first offer to acquire up to six more road projects. Cube Highways Trust, the InvIT set up by Cube Highways, comprises 19 road assets, aggregating to 1,636.5 kms, in 11 states. As on March 31, 2022, the portfolio had a weighted average residual concession life of 21.8 years and an average operating history of 7.5 years. The portfolio reported revenue of INR 2,268.3 crore in FY22, growing from INR 1,828.5 crore in FY21. The InvIT plans to use INR 4,315 crore for debt repayment and pre-payment. The portfolio has a total debt of INR 18,190 crore. Cube Highways also plans to raise fresh term loans of INR 12,075 crore.