Concessio Canonical ID
GB11P0000122
Registry Preview
Overview
Capital value
£982.9m
HMT 2025
Expiry
2039
13 years remaining
Deep Scan
Investment ThesisLocked
M25 Orbital is an operational Private Finance Initiative toll road concession in the United Kingdom, with 13 years remaining to the 2039 contract end — grantor National Highways, operated by Connect Plus (M25) Ltd, a 5-holder equity registry on file (HMT 2025).
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Public Registry Fields
General Information
Display format
GB-11-P-000012-2
Country
United Kingdom (GB)
Sector
Toll Road (11)
Family
Transport
Structure
PFI/PF2 (P) · Private Finance Initiative
Grantor
National Highways
Operator
Connect Plus (M25) Ltd
Financial close
20 May 2009
Operations start
01 Sept 2009
Contract end
12 Sept 2039
Capital value
£982.9m (HMT 2025)
Equity holders (2025)Equitix — 38% · Dalmore Capital — 20% · Grosvenor Capital Management LP — 18% · Balfour Beatty PLC — 14% · EGIS Projects SA — 10%
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Contract Economics
Financial Terms & ClausesLocked
| Term | Value | Price base | Period | As of |
|---|---|---|---|---|
| Indexation basis | ||||
| Availability deductions | ||||
| Performance deductions | ||||
| Market testing / benchmarking | ||||
| Termination compensation | ||||
| Change in law | ||||
| Handback provisions |
Locked rows show the standard UK PFI project agreement term set tracked by Concessio; extracted values render as they are verified against primary sources. Full clause text and citations are available in the app.
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Sector-Benchmarked
Operating KPIsLocked
| Metric | Latest | Period | Sector percentile | Coverage |
|---|---|---|---|---|
| Concession period (years) | 30 | — | 85th |
registry |
| Capital value | £982.9m | 2025 | 95th |
HMT annual · public |
| Availability (%) | ||||
| Deductions (% of UC) | ||||
| Lifecycle spend vs plan (%) |
Percentile bars show this concession's position against Toll Road benchmark cohorts in the registry (largest cohort n=2,704). Interquartile band shaded. Locked rows show the standard KPI set for this asset class — series and percentile placement unlock in the app.
Equity History
Ownership & TransactionsLocked
| Date | Event | Stake | Consideration | Implied EV | Counterparty |
|---|
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Counterparties
Parties & ContactsPartial
Grantor
National Highways
Department for Transport (DfT) · United Kingdom
Operator / SPV
Connect Plus (M25) Ltd
Company No. 06683845
In the full profile
Management service co.
Hard FM provider
Senior lenders
Financial adviser
Legal adviser
Diligence Signals
Risk & CounterpartyLocked
Diligence signals
Grantor election exposure
Disputes & precedent
The full risk register covers counterparty credit, political cycle, regulatory determinations and dispute history for concessions in this class.
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Public Record
FAQs
Who is the grantor of this concession?
The grantor on file is National Highways.
Who operates M25 Orbital?
The operator on record is Connect Plus (M25) Ltd.
When does the concession expire?
The contract end on file is 12 Sept 2039 — 13 years remaining.
What is the capital value?
£982.9m per the HM Treasury 2025 return.
Who holds the equity?
Per the HMT 2025 return: Equitix (38%), Dalmore Capital (20%), Grosvenor Capital Management LP (18%), Balfour Beatty PLC (14%), EGIS Projects SA (10%). Transaction history is available in the platform.
Transparency
Data & Sources
How this entry is verified
Reconciled against HM Treasury PFI/PF2 2025 summary data. View the gov.uk publication →
How Concessio sources data
Records are extracted from primary public sources — regulatory filings, government disclosures and official registries — and cross-checked before entering the platform. Every published datum carries its source citation in the app.