Macquarie Group and Skanska launched a transaction to sell of Midtown Tunnel concession in Virginia.

Virginia tunnel PPP involves the construction of a second Midtown tube to relieve some of the worst congestion in the region, rehabilitation of the Downtown and Midtown tunnels, an extension of a freeway in Portsmouth and the private maintenance and operation of the roads until 2070. The work on the concession started in 2012 and toll operation began in 2014.

The estimated value of the concession is more than US$ 2 billion.

The sellers are currently in process to hire advisers for the sale process, which is expected to begin in 2020. The sellers are expecting interest from corporate buyers, pension funds and infrastructure funds.