A joint commercial real estate venture between Brookfield Infrastructure and Abertis Infraestructuras purchased 60 percent of Obrascon Huarte Lain Brasil for close to $1.7 billion.
The sale was divided up into $1.1 billion in equity and $600 million of assumed liabilities. In all, Brookfield would own 49 percent of the project, with Abertis taking the majority stake. There is still a possibility that some of the assets could be traded publicly, which would change the overall interests. Brookfield explained that it plans to invest an additional $250 million into the project.
OHL Brasil owns more than 3,200 kilometers of toll roads in the South American country, which produce nearly two-thirds of the country's gross domestic product. Nearly the same percentage of the country's vehicles travel on these roads, as well.
The project's acquisition will be closed during the fourth quarter.
Brookfield has interests in North America, South America, Europe and Australasia, which focus on timber, energy, utilities and transport. The company's shares are traded on both the Toronto and New York stock exchanges.