Transurban's roadmap for Cross City Tunnel

Yesterday Transurban announced an agreement to purchase all of the Royal Bank of Scotland’s senior secured debt linked to Sydney’s Cross City Tunnel for $475m, subject to regulatory approval. Costing nearly $1bn to construct, traffic along the 2.1km tunnel connecting Sydney’s inner west and eastern suburbs has never lived up to initial expectations. Short toll roads often fail, and the Cross City Tunnel has now been in receivership twice since opening in 2005. The company also intends to bid for the Cross City Tunnel when it's eventually sold, and purchasing the debt should give Transurban a greater say in...

Yesterday Transurban announced an agreement to purchase all of the Royal Bank of Scotland’s senior secured debt linked to Sydney’s Cross City Tunnel for $475m, subject to regulatory approval. Costing nearly $1bn to construct, traffic along the 2.1km tunnel connecting Sydney’s inner west and eastern suburbs has never lived up to initial expectations. Short toll roads often fail, and the Cross City Tunnel has now been in receivership twice since opening in 2005. The company also intends to bid for the Cross City Tunnel when it's eventually sold, and purchasing the debt should give Transurban a greater say in the receivership process that's expected to wind up early next year.

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