The Warnow Tunnel is a 2.1 kilometre toll road, including a 0.8 kilometre tunnel under the Warnow River, which opened to traffic in September 2003.
At the time of investment, Rostock was the largest of seven Baltic ports and the fourth largest German port. The road allows users to cross under the Warnow River which divides Rostock, with most residential areas located on the western side and most of the industrial areas on the eastern side of the river, including Rostock Port, a bulk goods terminal as well as a growing retail precinct.
ALX has a 70% interest in Warnowquerung GmbH & Co. KG (WQG), the concessionaire partnership, and its general partner, with the remaining 30% owned by Bouygues Travaux Publics SA.
Concessionaire ownership structure
Warnowquerung GmbH & Co. KG (WQG) owns the concession to operate Warnow Tunnel for 50 years from construction completion. A 20-year extension to the original 30-year concession was formally granted by the City of Rostock in February 2007, resulting in a concession expiry of 12 September 2053.
The Concessionaire is a limited partnership, with two limited partners, European Transport Investments (UK) Ltd (ETI) (100% owned by ALX) and Bouygues Travaux Publics SA (BTP).
ETI has a 70% equity interest in WQG and BTP has a 30% interest. BTP is a subsidiary of the French construction group Bouygues. Bouygues was the construction contractor and is a fellow sponsor of the project. The limited partners are the economic beneficiaries of the project.
WQG is managed by the general partner, Warnowquerung Verwaltungsgesellschaft mbH. The general partner has unlimited liability and has also been capitalised by ETI and BTP in the ratio of 70:30.