Wed Mar 11, 2015 6:23pm EDT
(Adds comment from IFM Investors, changes dateline)
SYDNEY/WILMINGTON, Del., March 12 (Reuters) - Australia's IFM Investors said on Thursday it had agreed to pay $5.73 billion to buy the bankrupt operator of a major U.S. toll road, making its biggest overseas investment.
IFM Investors, which is owned by 30 Australian pension funds and manages $43 billion, said the purchase of ITR Concession Co LLC gave its investors access to core infrastructure in the world's largest capital market.
"ITR represents a rare opportunity to acquire a large, high-quality, US-denominated transportation asset, giving our investors direct linkage to US GDP and CPI," IFM's global head of infrastructure, Kyle Mangini, said in an emailed statement.
The 15-mile (24-km) toll road spans northern Indiana, forming a critical transportation link between highways leading to major East Coast cities and Indiana, Chicago and the western United States.
ITR put itself up for sale when it filed for bankruptcy in September after it was unable to support its $6 billion in debt. The company, owned by units of Spanish infrastructure company Ferrovial SA and Australia's Macquarie Group Ltd had paid $3.8 billion to the state of Indiana in 2006 for the right to operate the toll road for 75 years.
Soon after the deal closed, the United States slid into a deep recession. Traffic volume on the toll road in 2013 was 10.7 percent below the 2007 level, according to documents filed with U.S. Bankruptcy Court in Chicago. It is currently used by nearly 130,000 vehicles a day.
IFM Investors said the road's strategic importance to the North American transportation network ensured that it remained a valuable asset.
"ITR is a core infrastructure asset with defensive characteristics, demonstrated by strong financial resilience during the recession," Mangini said.
ITR will use money raised from the sale toward repayments to its creditors. (Reporting by Tom Hals in Wilmington, Delaware and Jane Wardell in Sydney; Editing by Alan Crosby and Jonathan Oatis)
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