IFM welcomes M5 West Widening project

By Industry Funds Management - 26 June 2012

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Industry Funds Management (IFM) has made a commitment to invest up to $22 million to finance the $400 million widening of the M5 South West Motorway in NSW, which achieved financial close yesterday. 

IFM is participating in the financing of this key Sydney arterial through its infrastructure funds.  The project involves a 21-kilometre widening of the motorway to three lanes in each direction between Camden Valley Way and King Georges Road. It is due for completion in December 2014.

IFM has been working with key stakeholders for over 12 months to develop the scope of the widening project, and along with co-shareholders, has played an important role in negotiating terms with the NSW Government.

IFM Global Head of Infrastructure, Kyle Mangini said the project was a perfect reflection of IFM’s commitment to investing in significant Australian infrastructure assets that provide steady, long term returns for its investors, which include some of Australia’s largest superannuation funds.

“The M5 has been a key contributor to the economic growth of south western Sydney, Port Botany and Sydney Airport, and improving this vital piece of infrastructure will help that growth continue,” Mr Mangini said.

“The M5 West Widening project will ease peak time congestion, which we know is a massive priority for Sydney’s productivity.  The project will support approximately 500 new jobs during construction, benefitting the local community.”