Demand & revenue study for the BCR toll road portfolio


A major international Consortium appointed VTM as its traffic and revenue advisor in view of bidding for the secondary market sale of PT BRISA’s BCR toll roads portfolio, a transaction evaluated over € 3 billion.

The Traffic & Revenue projections exercise required a deep understanding of each of BCR’s 11 assets’ key traffic demand drivers, delivered through a three-stage step-by-step approach with progressive deepening of the work, from initial insights to local socio-economic environment, network environ, historical market evolution, and SWOT analysis. This eventually led to the development of econometric models differentiated for light and heavy vehicles traffic per asset, to support our independent projections until the end of 2035 – Concession term.

The extensive work performed in close collaboration with the client team and their advisors constituted a solid basis for asset valuation and allowed the consortion to successfully take a majority stake (81%) in the BCR’s 1,500 km toll road portfolio, with a bold financial closure taking place in full Covid-19 pandemic.





APG, Swiss Life Asset Managers, and the Korean National Pensions Service




Bid support