M6 Toll's new owners say it can deliver returns

The 27-mile motorway has been bought by Australian-based IFM Investors who are not disclosing how much has been paid.

The pension fund-owned investment manager has acquired a controlling majority stake in the outstanding commercial debt of the toll road, granting it effective control of it.

Christian Seymour, head of infrastructure for Europe at IFM Investors, said:“M6 Toll has an essential role to play in easing congestion at the heart of the UK motorway network, and we recognise its importance to the community and for commercial users.

"As a long-term investor investing on behalf of pension funds, including UK local authority pension schemes, we will be focused on operating M6 Toll responsibly and ensuring its long-term viability.

“M6 Toll complements our existing portfolio of toll road and other infrastructure investments. We bring significant knowledge from being a hands-on owner of toll roads for over 15 years, in which time we’ve delivered substantial benefit and value to these individual assets and the communities they serve. Under our stewardship, we believe M6 Toll can provide stable and secure returns for our pension fund investors over many years.”

IFM said it has a detailed plan to ensure a smooth transition for all stakeholders, including employees, creditors, local communities and the Government.

IFM Investors was a pioneer in infrastructure investment over 20 years ago, and now manages over £22 billion in infrastructure on behalf of more than 175 institutional investors, including UK pension funds.

M6 Toll will be the fifth toll road in IFM Investors’ global portfolio.

The motorway from Cannock to Colehill has yet to make a profit since it was opened in 2003.

It was put up for sale last year with a price tag of almost £2 billion after a consortium of 27 banks took over ownership from Macquarie, the Australian group that built the road.

IFM will continue to run the M6 Toll through the Midlands Expressway company which has operated the motorway since it opened. Most recent figures for the toll road show average daily traffic between January and March was 44,942 – up from 42,045 last year.

The Midlands Expressway business, which employs around 130 people, has the concession to run the M6 Toll until 2054, at which point it will be handed back the UK government.