M25

The M25 project is a 30-year design, build, finance and operate contract to operate and maintain elements of the M25 motorway network, and additional connecting motorways and trunk roads, orbiting Greater London.

The contract was awarded by the Highways Agency (now Highways England) in May 2009. The period of capital investment, which included widening of approximately 102km of network, amongst other works, was completed in 2013.

Revenues are generated through availability of the network roads for use, with no exposure to traffic volume. Ongoing operation and maintenance obligations are carried out by Connect Plus Services, a joint venture comprised of Balfour Beatty, Atkins and Egis.

Equitix is the largest shareholder in the M25 project, with a total of 37.5% held across multiple funds.