Cube Highways plans InvIT to sell a part of its road assets
MUMBAI: India’s biggest road asset investor Cube Highways and Infrastructure is in initial talks with investors including Caisse de dépôt et placement du Québec (CDPQ), Abu Dhabi Investment Authority (ADIA) and Ontario Teachers’ Pension Plan Board to sell part of its operational road assets through an infrastructure trust.
Cube will hive off its operating assets into an infrastructure investment trust or InvIT and place it privately with other investors, said three people with direct knowledge of the development. Cube is backed by Singapore-based global infrastructure fund I Squared Capital, spun off from Morgan Stanley’s infrastructure investment team. The company is exploring a valuation of around $2.5 billion for the InvIT, they said.
