Ashmore launches sale process for Colombian highway

24 March 2020 - 12:00 am UTC

Colombian infrastructure equity fund Fondo Ashmore Andino II – FCP has sent out teasers for the sale of 100% of its 287km Santa Marta-Riohacha-Paraguachón highway, according to two sources briefed.

The sources could not provide a timeline for the process but did say that the sellers have mandated Rubicon Capital Advisors to run the sale process and recently sent teasers to domestic and international strategic and financial investors.

British merging markets investor Ashmore acquired the highway from Colombian developer Grupo Odinsa in May 2017 and obtained a COP 130bn (USD 40m) refinancing the asset in September 2019.

The Santa Marta-Riohacha-Paraguachón highway project dates from Colombia’s first generation of highway concessions in 1994, when a consortium of local developers won the contract, which is due to end in 2030.

Rubicon declined to comment. Ashmore did not respond to a request for comment.

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