Australian firm leases VIRGINIA toll road

MELBOURNE, Asia in Focus - Tollway operator TRANSURBAN GROUP (ASX:TCL) has agreed to acquire a 99-year concession on the Pocahontas Parkway in Virginia in the United States. Total upfront funding for the road is $A815 million ($US618.87 million), and Transurban will contribute $A255 million ($US193.63 million) in equity to have 100 per cent control of the project.

* The Pocahontas Parkway is a 14 kilometre four-lane toll road southeast of the city of Richmond, linking the counties of Henrico and Chesterfield.

* The road provides a crossing of the James River and provides access to the Richmond International Airport.