The concession will be in effect until 2061. The stretch of highway is expected to be open to traffic by the end of 2023.
Construction of this new section will begin immediately. This is the fourth Managed Lanes project that Cintra has worked on in the Dallas-Fort Worth area.
Through a consortium led by its highway subsidiary, Cintra, Ferrovial will build and operate the new expansion of the North Tarrant Express highway (segment 3C) in Texas for $910 million, which is €813 million. The consortium, NTE Mobility Partners Segments 3 LLC, also includes the Meridiam fund and the financial firm specializing in pension fund management, APG.
Ferrovial Agroman will be in charge of the design and construction of this new stretch of highway
The agreement includes work on a 6.7-mile segment (about 11 kilometers) from Heritage Trace Parkway, north of US 81/287, to Eagle Parkway in Denton County. Existing lanes, which will continue to be toll-free, will be renovated, and two toll Managed Lanes will be built in each direction, as well as on-ramps. Previous construction work is already underway, and the highway is expected to be open to traffic by 2023. The concession will end in 2061.
The project, which just underwent financial close, will be financed by a combination of capital contribution from partners, $160 million, and the issuance of PAB, totaling $750 million.
This is the fourth Managed Lanes project that Cintra has managed in the Dallas-Fort Worth area, one of the most dynamic, fastest–growing regions in the United States. The company is already operating around the LBJ Express, the North Tarrant Express (NTE), and the NTE 35W, the expansion of the NTE (segments 3A and 3B).
Ferrovial, through its subsidiary Cintra, is one of the leading companies in private advancement of transport infrastructures worldwide, by number of projects and by investment volume. It currently manages more than 1,468 kilometers of highways across 24 concessions in Canada, the United States, Europe, Australia, and Colombia.