Macquarie to Acquire Stake in CDPQ's Roads InvIT Maple for Up to $350 Million

Macquarie to Acquire Significant Minority Stake in Maple Infrastructure Trust

Macquarie, the Australian asset manager, is set to acquire a significant minority stake in Maple Infrastructure Trust, a Canadian pension fund-backed infrastructure investment trust, for approximately $300-350 million. Investment bank Rothschild is managing the stake sale.

Macquarie and CDPQ will jointly manage and hold equal stakes in the infrastructure investment trust. The deal aims to leverage Macquarie's expertise in managing infrastructure assets, allowing CDPQ to adopt a more passive investment approach.

Macquarie has a significant presence in India's infrastructure and energy sectors, with a portfolio of nine National Highways Authority of India roads acquired in 2018 for an enterprise value of over Rs 9,600 crore. The company is in talks to sell these assets to other investors, including KKR and Cube Highways.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Maple Infrastructure Trust holds a portfolio of seven operational NHAI toll road assets, spanning over 3,328 lane kilometres. The portfolio includes critical stretches of the Golden Quadrilateral and the East-West Corridor, along with the Eastern Peripheral Expressway. According to a February report by ICRA, consolidated toll revenue for these assets rose to Rs 1,827 crore in FY25, a 5.8 percent increase from the previous year.

CDPQ holds a 75% stake in the InvIT through CDPQ Infrastructure Asia III and Maple Highways Pte Limited. Other shareholders include 360 One (18.2%), Famy Steri Private Ltd (3.1%), and minority shareholders (3.7%).