A partnership of UK pension funds has bought a 25% stake in the M6 toll concessionaire.
GLIL Infrastructure, which invests in UK infrastructure on behalf of pension pots including the Local Government Pension Scheme, acquired the indirect interest in the toll from the IFM Global Infrastructure Fund.
IFM has invested in the M6 toll since 2017 and will continue to indirectly own 75%. IFM is in the process of integrating M6 Toll into the increasingly global transportation infrastructure portfolio of its subsidiary, Aleatica.
The M6 toll is a 27-mile (43 kilometre), dual three-lane carriageway near Birmingham, UK, which functions as a congestion relief road for the toll-free M6, and nearby A5, A38, and A446 roads.
Lee Belfield, investment lead at GLIL Infrastructure, said: 'We are delighted to form a partnership with IFM and Aleatica, two experienced infrastructure investors with proven sustainability credentials.
'For GLIL Investors, the M6toll offers long-term, asset-backed cash flows and further diversifies the portfolio into road infrastructure, an essential part of UK economic growth.'
Joaquin Gago, Europe regional director at Aleatica, said: 'We warmly welcome GLIL Infrastructure as our partner in this vital piece of UK infrastructure.
'As we seek to grow our portfolio of assets in Europe, we look forward to benefitting from the expertise of long-term infrastructure investors, such as IFM and GLIL, over the coming years as we support the extensive capital programme for M6toll to the benefit of all motorists.'