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Transurban acquires City Cross Tunnel Debt

Transurban Group (ASX: TCL) announced today that it has reached agreement with The Royal Bank of Scotland plc, Australian Branch and The Royal Bank of Scotland N.V., Australian Branch (together RBS) to acquire all of RBS’ senior secured debt exposure to the Cross City Tunnel (CCT) in Sydney subject to regulatory approvals and final asset inspections.

Insights Transurban acquires City Cross Tunnel Debt
Monday, 11 November 2013

The 2.1 kilometre CCT links Darling Harbour on the Western fringe of the Sydney CBD to Rushcutters Bay in the Eastern Suburbs.

CCT Receivers Martin Madden and Cassandra Mathews confirmed the agreement between TCL and RBS does not affect the operating activities and traffic flow through the CrossCity Tunnel. The operation of the tunnel will continue as normal, and customers, employees and other stakeholders will not see an impact.

The six (6) CrossCity tunnel holding and operating entities - CrossCity Motorway Pty Ltd, CCT Motorway Finance Pty Limited, CM Holdings Trust Pty Limited, CCT Motorway Company Nominees Pty Limited, CrossCity Motorway Nominees No. 2 Pty Ltd and CCT Motorway Group Holdings Pty Ltd remain in administration and receivership pending a sale or restructure of the business.

Operationally, management will continue to manage the activities on a day-to-day basis and drivers will not notice any changes.


KordaMentha media enquiries:

Mike Smith: +61 (3) 9440 9387