HICL acquires interests in two existing projects
1 October 2012
HICL Infrastructure Company Limited
HICL acquires interests in two existing projects for £4.9m
HICL Infrastructure Company Limited (the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce the acquisition of:
1. The remaining 33.0% equity and loan note interest in the Dorset Fire & Rescue PFI Project from Carden Croft & Co Limited. The Project is a 27-year concession to design, build, finance and maintain a combined Police and Emergency Services Headquarters building in Poole, a Fire Station in Poole and a Fire Station and Fire Services Headquarters building in Poundbury, Dorchester. The Project reached Financial Close in July 2007 and construction was completed in December 2009. Hard facilities management services are undertaken by Cofely Technical Services (part of the GDF Suez group).
2. A further 16.0% equity and loan note interest in the Ealing Care Homes PFI Project from Galliford Try Investments Limited taking the Group's total holding to 84%. Galliford Try Investments Limited is a subsidiary of Galliford Try plc, the UK listed housebuilding and construction group. The Project is a 32-year concession to design, build, finance, operate and maintain four care homes for the London Borough of Ealing. The Project reached Financial Close in March 2005 and became fully operational in August 2009.
The total consideration for the two acquisitions paid by the Group was £4.9m which is in line with the current valuation of other UK PFI projects in the Group's portfolio.
The acquisition was funded from the Group's existing cash resources.
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Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Tony Roper
Keith Pickard
Robin Hubbard
Tulchan Communications +44 (0) 20 7353 4200
Ed Orlebar
Rebecca Scott
Canaccord Genuity Limited +44 (0) 20 7523 8000
Dominic Waters
Neil Brierley
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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 73 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.
This information is provided by RNS
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