The land (if its just related to the strip that the 407 is on) only has value if it has productive purpose, though. So it has to be included in a way.
Also with 99 years its pretty much the entire value of the thing. Even at rates this low the PV of cashflows 99+ years out is basically nil.
Anyways, I fully believe they did sell it at a dumb price to balance one year's books (which is beyond retarded, but that is politics for you).
My point, however, is that you can't say that the government should never sell off infrastructure to private investors.