The M25 is one of the most strategically important infrastructure systems in Europe and forms a continuous orbital road network around London carrying circa 15% of all UK motorway traffic, over 200,000 vehicles per day.
- Social Infrastructure
M25
- Dalmore Capital Fund 3
- PPP Equity PIP
Case study overview
The road is over 188km in length encompassing 2,500 structures, including the Queen Elizabeth II Bridge crossing the River Thames at Dartford and 5 tunnels.
The PPP project reached financial close in 2009 with construction works including the widening of 62km of highway to four lanes in both directions, refurbishment of the 1.25km Hatfield Tunnel and widening of a further 44km of Highway. Construction was carried out by a joint venture between Balfour Beatty and Skanska and was completed in 2015. The 30-year concession period expires in 2039. Operations and maintenance (“O&M”) services cover the entire M25 including stubs and tails where the M25 intersects with other major roads. O&M services are provided by a joint venture between Balfour Beatty, Atkins and Egis.
Sector
Social Infrastructure – TransportFund
PPP Equity PIP, Dalmore Capital Fund 3, Co-investmentsFirst Investment date
May 2016Shareholding
20.0%
Explore more
- Social Infrastructure
University College London Hospital (“UCLH”)
June 2012
Investment strategy
How we invest
For the past 14 years Dalmore has focused on investing in infrastructure that provides services critical to the functioning of society.
Through disciplined selection Dalmore funds have invested in lower volatility assets without significant exposure to GDP, traffic, usage or market price risk. Geographically Dalmore’s focus remains the UK, although we also manage assets in Europe and North America.
Looking forward, the UK mid-market core and core-plus segment continues to be our main focus, which we believe offers opportunities where disciplined underwriting, a thorough analysis of market exposure and local market expertise may support attractive risk-adjusted returns.