Cube Highways Trust has signed a share purchase agreement with National Investment and Infrastructure Fund to acquire two annuity road project for an enterprise value of Rs 41.84 billion, according to an exchange filing by Cube Highways Fund Advisors. 

The two annuity road projects being acquired are Quazigund Expressway and Athaang Jammu Udhampur Highway, both located in Jammu & Kashmir, with a combined length of 80 km. Quazigund is one of the longest bi-directional tunnels in the country while the other asset is an essential link between Jammu and Srinagar. 

The projects were started in 2010 with a concession period of 20 years and now have an outstanding life of around six-and-a-half years. With this acquisition Cube InvIT will have a portfolio of 27 diverse road assets located across the country. The acquisition is seen as complementing its existing portfolio of assets, fitting in with its strategy of deploying its debt capacity to acquire high quality assets. 

Established in 2022 Cube InvIT is one of the largest yield platforms in the infrastructure sector, with assets under management of Rs 314 billion at the end of December.