Toll Roads


Acquired November 1998
UTA Ownership 19.2%

Interlink Roads operates and maintains the M5 South West Motorway, which is the key link connecting the M7 in Sydney’s growing south western region to the regional economic and employment centres of Bankstown, Liverpool and the Port Botany/Sydney Airport precinct, as well as Sydney’s CBD via the M5 East.  The M5 South West widening was completed in December 2014, increasing the lanes from two to three across most of its length and extending the concession end date from August 2023 to December 2026.

Investment Rationale
  • Mature toll road with long established operating history (opened in October 1992)
  • Stable cash flow profile linked to GSP (traffic volumes) and CPI (toll prices)
  • Limited competing routes which are already heavily congested
  • Good customer data through Interlink’s tag business, E-way
  • An efficient operational delivery model with EBITDA margins over 85%
Key ESG Elements
  • Compliance with EPA requirements
  • Controlling and reducing roadside spills and illegal dumping of rubbish and waste
  • Achieve landscape and weed management targets
  • Maintain road spill detention basin capacity
  • Continue to provide monetary and in-kind sponsorship support to a variety of local community causes
  • Continuing ESG compliance of contractors
  • Continuing ESG compliance of purchasing arrangements