Pocahontas Parkway and Macquarie Complete Sale of Pocahontas Parkway to GlobalviaDecember 20, 2016
S&C advised Pocahontas Parkway and Macquarie in completing the sale by Macquarie and the other owners of 100 percent of the equity in Pocahontas Parkway to Globalvia. Pocahontas Parkway is an 8.8-mile stretch of highway south of Richmond, Virginia originally concessioned to an affiliate of Australian toll road operator, Transurban Group, for 99 years in 2006.
The recent sale marks S&C's second transaction in the last 18 months involving Pocahontas Parkway. In the summer of 2015, S&C advised Macquarie in its acquisition of a 50 percent stake in Pocahontas.
The 2016 sale to Globalvia is one of two secondary asset trades involving privately concessioned toll roads in the U.S. to close in 2016, according to IJ Global, the other being the acquisition of the Chicago Skyway toll road by Borealis Infrastructure Management (an arm of OMERS), Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan, who were advised by S&C.
The S&C team advising Pocahontas Parkway and Macquarie on the transaction was led by Chris Mann, along with Benjamin Kent, Veronica Aksu, Miguel Oria, and Joyce Kwok. David Spitzer advised on tax matters.