John Laing increases commitment to I-75 Modernisation Project in the U.S with a 100% stake

John Laing Investments Limited (JLIL), the holding company for joint shareholders Equitix and John Laing (which is wholly owned by KKR) today announce the acquisition of the remaining shareholder stakes in the I-75 Modernisation Project in Michigan, U.S.

Prior to this acquisition, JLIL previously held a 70% stake in Oakland Corridor Partners, playing a role in financing and actively managing delivery of critical long-term improvements to this highway project, accelerating completion of the upgrade by up to 12 years.

The project involved the modernisation of a crucial corridor - Segment 3 of the I-75 in southeast Michigan near Detroit - to include a portion of the state’s first High-Occupancy Vehicle (HOV) lane and a critical drainage tunnel under the freeway designed to alleviate flooding in the corridor. The project involved the complete reconstruction of 5.5-miles of I-75 from 8 Mile Road to north of 13 Mile Road. The modernisation project deploys innovations that ease congestion, enhance safety, reduce cost and was delivered on an expedited five-year schedule.

Andrew Truscott, CEO at John Laing said, "This significant equity investment in this major highway upgrade project builds upon John Laing’s strong presence throughout the U.S and reaffirms our role as a leading investor and active manager of P3 infrastructure, bringing global best practices to this market across a number of the nation’s critical highway projects."

David Wylie, Global Head of PPP & Projects Asset Management at John Laing said, "John Laing has been a pivotal partner in this greenfield project since inception in 2018. From the initial construction phase to the management of the award-winning, modern highway, our involvement has been instrumental. The project has significantly transformed journeys for well over 170,000 vehicles that use the road daily, enhancing mobility and safety for all passengers. We look forward to maintaining high standards of performance through our active asset management and deep partnership with the Michigan Department of Transportation.”

Equitix CIO, Achal Bhuwania said, “This additional stake in the I-75 project cements our continued commitment to the North American market while fulfilling the next stage of the asset’s life to improve efficiencies, enhance safety measures and boost connectivity for local communities.”