GLIL Infrastructure, the fund backed by a number of UK local government pension schemes, has acquired a 25% stake in a 27-mile six-lane toll road in the West Midlands in England owned by an IFM Investors fund.
GLIL said it bought the indirect interest in the M6toll concessionaire from a subsidiary of the IFM Global Infrastructure Fund (IFM GIF). Financial details were undisclosed.
IFM GIF has been invested in M6toll since 2017 and will continue to indirectly own 75%. Aleatica, a global transport infrastructure operator and developer owned by the IFM GIF, manages M6toll.
The M6toll is a 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.
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.”
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.”
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