Macquarie Asset Management and Grupo Argos agreed to create a USD1.15b road infrastructure investment fund in Colombia, Peru and Chile.

(Nasdaq) BOGOTA, Sept 2 (Reuters) – Colombian industrial conglomerate Grupo Argos ARG.CN and Australia’s Macquarie Asset Management said on Thursday they have agreed to create a $1.15 billion road infrastructure investment fund in Colombia, Peru and Chile.

The new fund, valued at 4.5 trillion Colombian pesos, will be ready in six months and will be administered by Grupo Argos’ road and airport concession subsidiary Odinsa and Macquarie Infrastructure Partners, which is focused on the Americas.

“They will develop, administer and construct urban and rural road assets in the region,” Grupo Argos president Jorge Mario Velasquez told journalists during a virtual event.

The fund will initially include four projects Odinsa is already developing in Colombia: the Pacifico 2, Aburra Oriente tunnel, Autopistas del Cafe and Malla Vial del Meta concessions.

“In addition to those assets there is the possibility of conceptualizing, structuring, developing or acquiring road assets in Peru and Chile, expanding the size of the market which these organizations see as a great opportunity in the region,” Velasquez said.

Macquarie Asset Management administers global assets of more than $450 billion, of which $107 billion are dedicated exclusively to investment in infrastructure.

“We are excited to expand our presence in the region and invest in high-quality infrastructure assets that will provide essential services to their communities. We have found a great partner in Odinsa,” Karl Kuchel, CEO of Macquarie Infrastructure Partners, said in a statement.

The two partners may sometimes consider welcoming other investors to some projects, Velasquez said.

($1 = 3,753.30 Colombian pesos)