HICL Infrastructure buys stake in Yorkshire toll road from Balfour Beatty

HICL Infrastructure Company has acquired a 30% interest in a 'shadow toll' road near Leeds from Balfour Beatty for £14.5m.

The FTSE 250-listed infrastructure investment company, which advised by InfraRed Capital Partners, has paid for the deal from existing cash resources.

The shadow toll road, for which the state pays private companies partly based on the number of vehicles using a section of road, is the new M1-A1 Link Road, between Lofthouse to Bramham in West Yorkshire.

Balfour Beatty has a 30-year shadow toll PFI concession for the design, construction, financing, operation and maintenance of a motorway, which links the M1, M621 and M62 motorways to the south of Leeds and the A1(M) south of Wetherby.

Balfour, whose civil engineering unit carries out operation and maintenance of the motorway, reached financial close on the project in March 1996 and the concession is due to end in March 2026.