TCL eyes Cross City Tunnel

Tunnel formally for sale after going into receivership; Transurban a likely buyer.

Sydney's Cross City Tunnel has formally been put up for sale by the Royal Bank of Scotland, The Australian Financial Review reports.

According to the newspaper, Transurban (TCL) has confirmed it is likely to bid for Sydney toll road, which Eureka Live flagged two weeks ago.

Expressions of interest are welcome in the next fortnight, with KordaMentha and UBS running the sale.

The New South Wales government ruled out buying the tunnel after receivers were appointed.

The tunnel has an estimated value between $500 million and $600 million and is cash-flow positive.

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