HARRISBURG, PA-Citi Infrastructure Investors partnered with Abertis Infraestructuras and Criteria CaixaCorp won the bid for the lease of the Pennsylvania Turnpike with a $12.8 billion, 75-year plan, Gov. Ed Rendell announced yesterday. The plan could raise $1.1 billion a year for highway improvements, but still must go through the state legislature. If passed, the state would not need I-80 tolls. If approved, this would be the largest bid for private operation of a US toll road.

“This is a great day for Pennsylvania,” Rendell said in a prepared statement. “We urgently need new funding for road and bridge repair, and a turnpike lease will help us meet that need. Under the terms and conditions we set, the turnpike will be upgraded and tolls will be no higher than the Turnpike Commission will charge.”

Abertis, a Spanish toll road operating company from Barcelona, could retain the right to raise tolls 25% next year, and then hike tolls 2.5%, or the rate of inflation, the following years. The firm partnered with Spanish investment firm Criteria CaixaCorp and Citigroup. The operator directly manages more than 2,000 miles, while indirectly managing 3,000 miles of toll roads in Spain, the United Kingdom, Italy, Puerto Rico, France and Argentina.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.