A consortium consisting of Abertis and Manulife Investment Management have taken ownership of Elizabeth River Crossings (ERC), a public-private partnership (P3) with the Virginia Department of Transportation.
The consortium acquired a 100 percent stake in ERC from Macquarie Infrastructure Partners II and Skanska for an unknown amount. The transaction was previously reported in November 2020 when Macquarie announced the divestment of its 50 percent stake in ERC. ERC was sold on behalf of John Hancock Life Insurance Co.
During the past eight years, ERC has completed more than $1.4 billion of capital expenditure, including the rehabilitation of the Downtown and existing Midtown Tunnels, the construction of a new parallel Midtown Tunnel and the extension of the MLK Freeway/U.S. 58 to Interstate 264. ERC also has replaced the Interstate 264 pedestrian bridge and