Birmingham Highways Management and Maintenance PFI

Nationwide underwrites £47m

Working in a banking 'club' with five other funders, Nationwide has underwritten £47m of the £320m total senior debt requirement for this project, unprecedented in its combination of scope and scale, involving the rejuvenation of the city's run-down transport infrastructure and the ongoing management and maintenance of the network.

Over the first five years of the 25 year concession approximately £320m is being invested in the rehabilitation and improvement of the 2,500km highway network and 4,200km of pavements, the replacement of 95,000 street lights, the upgrading of the traffic management systems and over 1,000 highway structures such as bridges and tunnels.

The project had the distinction of reaching financial close on general election day and early indications are that the contractor is successfully delivering on upgrading the highways network and improving operational performance.


© Nationwide Building Society