This year we made two strategic acquisitions in our core markets on Australia’s eastern seaboard.
In March 2014 we acquired Sydney’s Cross City Tunnel for $475 million, excluding stamp duty. The 2.1 km tunnel links Darling Harbour on the western fringe of the Central Business District to Rushcutters Bay in the eastern suburbs, and links with our Eastern Distributor asset.
In April 2014, Transurban and its partners acquired toll road operator Queensland Motorways and its five Brisbane assets for $6.67 billion plus stamp duty of approximately $380 million.
The acquisition delivers significant value to our portfolio due to the long life of the road concessions, new development opportunities and the strategic importance of the network (see Casestudy: Queensland Motorways)