FTSE 250 retirement specialist Just Group has made a £20m, 22-year loan to Midland Motorways Group as part of a refinancing of the M6toll.
According to Just Group, the investment supports the UK’s “productive finance” agenda and a nationally significant transport asset in the West Midlands.
Just Group said the long-term capital will contribute to upgrades that include smart motorway integration and modernised tolling systems, alongside environmental initiatives such as expanded electric vehicle infrastructure, building on reported reductions in greenhouse-gas emissions since 2019.
Mohamed Tabi, director of credit and portfolio management at Just Group, said the firm is “well-positioned to finance nationally significant infrastructure that delivers long-term economic and social value”, adding that the investment aims to support “journey reliability and reducing emissions in the West Midlands”.
The M6toll is a 27-mile, six-lane motorway that links M6 junction 3a to junction 11a, providing a congestion-relief route around Birmingham.
It is operated by Midland Expressway, with ownership interests held by IFM Global Infrastructure Fund (advised by IFM Investors) and GLIL Infrastructure.
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The announcement comes against a policy backdrop in which government is encouraging pension schemes to allocate more to domestic infrastructure.
In May, HM Treasury highlighted first commitments under the Mansion House Accord to unlock more UK investment, and the government’s Pensions Investment Review set out how larger defined-contribution schemes could invest more in productive assets.
Just Group said the placement was sourced, structured and managed by its in-house private-asset origination team, following enhancements to internal capabilities.
In 2024 the firm originated £1.3bn of assets internally, 54% of £2.4bn in illiquid investments, and invested £1.8bn in productive-finance assets.
It manages more than £27bn of retirement savings, with more than £3.6bn invested in dedicated sustainable assets spanning renewables, affordable and social housing, clean transport and other social infrastructure.
For the asset itself, recent public updates have referenced ongoing modernisation programmes and a digital transformation by Midland Expressway, alongside steady commercial-vehicle traffic that has supported income.
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