Baker McKenzie Wong & Leow, the Singapore member firm of Baker McKenzie, represented Dutch pension investor APG Asset Management N.V (APG) and a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) on an investment in the Trans Java Toll Road sections of Kanci-Pejagan and Pejagan-Pemalang in Indonesia, alongside the Indonesia Investment Authority (INA).

The Kanci-Pejagan and Pejagan-Pemalang toll road sections are the initial seed assets for the platform, which is targeting up to USD 2.75 billion of investment opportunities in Indonesia’s toll road networks.

These sections are instrumental in boosting regional connectivity in Indonesia, and have seen a surge in traffic volume, with daily vehicle numbers growing from 13,202 in 2016 to 22,206 in 2021, representing an increase of more than 1.5 times.

The cross-border Baker McKenzie team was led by M&A Principal Boo Bee Chun in Singapore and Partner Nadia Soraya in Jakarta. Bee Chun and Nadia were supported by Senior Associate Meyliana Santy (Jakarta), Associates Ong Liang Jun (Singapore) and Monica Tjahjono (Jakarta) as well as Junior Associate Jeremy Abraham Guntur (Jakarta).

Bee Chun commented, "We are honored to have supported APG and ADIA in this landmark investment into Indonesia's vital toll road network. Our team's cross-border capabilities and extensive experience in international infrastructure deals played an essential role in helping our clients navigate the complexities of the transaction. The investment platform aims to significantly enhance regional connectivity, unlocking new economic opportunities for Indonesia and the wider region. We are excited to witness the positive impact unfold in the coming years."

The transaction is the latest addition to a series of high-profile infrastructure deals Baker McKenzie has worked on in Indonesia. This notably includes EGCO Group's recent equity investment into Chandra Asri Group's infrastructure subsidiary, PT Chandra Daya Investasi, Vale Canada's equity divestment of PT Vale Indonesia to PT Mineral Industri Indonesia and the closing of IDR 8.9 trillion financing for PT Air Bersih Jakarta for the development of Jakarta's drinking water infrastructure.

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