IFM Investors, the Australian pension fund-owned investment manager, said it acquired a controlling majority stake in the outstanding commercial debt of the UK’s M6 toll road — giving it effective control of the asset.

Details of the transaction remain confidential.

The motorway has a remaining concession life of 37 years.

IFM Investors said it “has a detailed plan to ensure a smooth transition for all stakeholders, including employees, creditors, local communities and government.”

IFM’s other investments in the UK include Manchester Airport Group and Anglian Water.

Christian Seymour, head of infrastructure, Europe at IFM Investors, said: “M6toll has an essential role to play in easing congestion at the heart of the UK motorway network, and we recognise its importance to the community and for commercial users.

“As a long-term investor investing on behalf of pension funds, including UK local authority pension schemes, we will be focused on operating M6toll responsibly and ensuring its long-term viability.

“M6toll complements our existing portfolio of toll road and other infrastructure investments.

“We bring significant knowledge from being a hands-on owner of toll roads for over 15 years, in which time we’ve delivered substantial benefit and value to these individual assets and the communities they serve.

““Under our stewardship, we believe M6toll can provide stable and secure returns for our pension fund investors over many years.”

IFM manages £22 billion in infrastructure investments on behalf of more than 175 institutional investors, including UK pension funds.