HE in line for windfall after sale of M6 Toll

Highways England is to make around £180m thanks to a clause dating back to the opening of the M6 Toll in 2003.

The Time reports that the toll road’s new owners are expected to pay off a “land fund” obligation, which covers the cost of leasing the land from the government.

Australian pension fund IFM Investors gained control after buying its debt from a group of lenders which themselves had taken control of the motorway in 2013.

It says the lenders, which included the American hedge fund Centerbridge, the Japanese bank Mizuho and Spain’s Banco Espirito Santo, put it up for sale last year with a price tag of about £1.9bn and that IFM took control in recent weeks.

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