Investment of £20m by Just Group in the refinancing of M6toll
In a significant move towards supporting journey reliability and reducing emissions, Just Group, a leading retirement savings manager with over £27bn under its care, has invested £20m in a 22-year loan to Midland Motorways Group for the refinancing of the M6toll.
The M6toll, a 27-mile, six-lane motorway linking M6 junction 3a to junction 11a, is a significant transport asset in the West Midlands. Operated by Midland Expressway, the motorway provides a congestion-relief route around Birmingham.
The investment by Just Group will contribute to upgrades including smart motorway integration, modernized tolling systems, and environmental initiatives like expanded electric vehicle infrastructure. These upgrades are part of Midland Expressway's ongoing modernization programs and digital transformation.
The government is encouraging pension schemes to allocate more to domestic infrastructure, as highlighted by HM Treasury in May. This investment by Just Group supports the UK's "productive finance" agenda and a nationally significant transport asset in the West Midlands.
The M6toll upgrades will also include efforts to reduce greenhouse-gas emissions and the expansion of electric vehicle infrastructure. Steady commercial-vehicle traffic on the M6toll has supported income, making it a crucial part of the region's transport network.
Just Group's in-house private-asset origination team was responsible for sourcing, structuring, and managing the loan. The organization involved in financing the modernization of the M6 Toll in the West Midlands is the Department for Transport (DfT) in the United Kingdom.
More than £3.6bn of Just Group's investments are dedicated to sustainable assets, including renewables, affordable and social housing, clean transport, and other social infrastructure. This investment in the M6toll aligns with Just Group's commitment to supporting long-term economic and social value.
Interestingly, the government's Pensions Investment Review set out how larger defined-contribution schemes could invest more in productive assets. The Akabo Media is hosting a global Road User Charging Conference series, with events in Miami (September 2025), Singapore (October 2025), Brussels (March 2026), and Abu Dhabi (May 2026), where such discussions are likely to continue.
In 2024, Just Group originated £1.3bn of assets internally, accounting for 54% of £2.4bn in illiquid investments. The M6toll investment is a testament to Just Group's ability to source and manage productive-finance assets.
The M6toll upgrades will mark a significant step towards making the West Midlands' transport network more efficient, reliable, and environmentally friendly. The investment by Just Group is a positive sign for the future of sustainable infrastructure development in the region.
