John Laing increases investment in I-77 project in North Carolina
John Laing Group ("John Laing" or the “Group”), a leading international investor and active manager of core infrastructure assets, today announced that it has acquired an additional 7.135 per cent stake in I-77 Mobility Partners, the developer and operator of the I-77 Express Lanes project in Charlotte, North Carolina.
The acquisition of the stake from abrdn takes John Laing’s total shareholding to 24.585 per cent. Terms of the transaction were not disclosed. Cintra, a subsidiary of Ferrovial, also acquired a 7.135 per cent stake from abrdn.
Jamie Christmas, Acting Chief Executive Officer and Chief Financial Officer of John Laing, said: “We are delighted to take this opportunity to increase our stake in an existing asset. We look forward to continuing to work with the North Carolina Department of Transportation and our partners in the I-77 Mobility Partners consortium to enhance the highway while reducing congestion and associated emissions.“
To date, the I-77 Express Lanes project has directly created more than 4,600 local jobs and contributed $425,000 in charitable contributions to the Charlotte community, while reducing peak traffic times by nearly 40 minutes during morning and evening commutes.
I-77 Express Lanes is a public-private partnership between North Carolina Department of Transportation and I-77 Mobility Partners to increase capacity and reduce congestion on the existing highway in both directions through widening 26 miles of highway and adding managed lanes with variable electronic tolling. The I-77 Express Lanes were opened in 2019 and the asset has a 50 year concession period.
Charlotte is the largest city in North Carolina, and one of the fastest growing major cities in the US. The I-77 is a key north-south corridor connecting the major employment centre of downtown Charlotte with the growing residential communities of Iredell and Mecklenburg counties.