Additional Investment in the Colchester Garrison

RNS Number : 7729C

HICL Infrastructure Company Ld

08 May 2012

 



8th May 2012

HICL Infrastructure Company Limited

Additional Investment in the Colchester Garrison PFI Project for £15.0m

HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce that the Group has bought an additional 14% equity and loan note interest (the "Interest") in the Colchester Garrison PFI Project (the "Project") from Atkins Investments Limited, a subsidiary of WS Atkins plc. This takes the Group's total interest in the Project to 56%.

The Project is a 35 year concession to design, construct, finance and maintain a new garrison facility at Colchester, Essex for the Ministry of Defence (the "MOD"). The new garrison has been built partly on an existing garrison site and partly on an adjacent brownfield site owned by the MOD. The project involved capital expenditure of approximately £550 million.

The completed garrison facility provides accommodation for approximately 3,500 military and 750 civilian personnel. Construction was undertaken by Sir Robert McAlpine Limited and is now complete.

Catering, cleaning and transport services are provided by Sodexo Defence Services Limited. Sodexo Property Solutions Ltd (formerly known as Atkins Facilities Management Limited)  is responsible for estate and grounds maintenance, contract management and security, waste management and lifecycle.

The total consideration paid by the Group is £15.0m, which is in line with the current valuation of similar UK PFI projects in the Group's portfolio. The acquisition was funded from the Group's cash resources.

Enquiries

InfraRed Capital Partners Limited      [phone]

Tony Roper

Keith Pickard

Sandra Lowe

Tulchan Communications                   [phone]

Ed Orlebar

Rebecca Scott

Canaccord Genuity Limited                 [phone]

Dominic Waters

Neil Brierley

Will Barnett

David Yovichic

HICL Infrastructure Company Limited

The Company is a long term investor in infrastructure projects which are predominantly in their operating phase and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. It currently owns a portfolio of 70 infrastructure investments, all of which are PFI/PPP/P3 projects, and is seeking further suitable investment opportunities which fit its stated Investment Strategy.

Further details of the Company can be found on its website www.hicl.com.

Investment Adviser

The Investment Adviser to the Company is InfraRed Capital Partners Limited, whose infrastructure investment team has successfully invested in infrastructure projects since 1997.

InfraRed Capital Partners Limited is authorised and regulated by the Financial Services Authority.

 

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