Pennsylvania State Employees Retirement System, Harrisburg, is expected to oversee the investment of about $10.5 billion in proceeds from the lease of the Pennsylvania Turnpike, said Chuck Ardo, spokesman for Gov. Edward G. Rendell. The winning bid of $12.8 billion came from a consortium led by Barcelona-based infrastructure manager Abertis Infraestructuras and Citi Infrastructure Investors. Pending legislative approval of the deal, the lump-sum payment will be used to pay outstanding turnpike obligations, with the remainder about $10.5 billion to be invested. Investment gains would go to transportation improvements. Mr. Ardo did not know how the money would be run or if any restrictions would be placed on the investments.
Abertis will hold a 50% stake in the 75-year lease, with Citis portion at 41.7% and Criteria CaixaCorp at 8.3%.
A spokesman for the $35 billion pension plan could not be reached by press time.