Barnet Acquisition Announceme
HICL buys additional stake in Barnet Hospital for £2.7 Million and Colchester Garrison land sale completes
HSBC Infrastructure Company Limited ('HICL'), the listed infrastructure investment company, announces today the completion of the acquisition of additional equity in the Barnet Hospital PFI Project (the 'Acquisition') and the sale of the final parcel of surplus land on the Colchester Garrison PFI Project by the project company (the 'Land Sale').
The Acquisition is for the 30% equity held by Siemens plc in the Barnet Hospital PFI project for a consideration of £2.7 million, paid in cash from existing resources. HICL has thereby increased its equity interest in the project from 51% to 81%. Siemens service delivery arrangements are not affected by this transaction. The Barnet Hospital PFI project is a long term concession to design, construct, operate and maintain the re-building of Barnet General Hospital in North London. The project has been operational since April 2000.
The Land Sale is the disposal of the final parcel of surplus land on the Colchester Garrison PFI Project to Taylor Wimpey Developments Ltd. This completes the land sale contract signed when the project reached financial close in 2004 and removes an uncertainty that had been noted in the Company's September 2008 Interim Report. The sale proceeds are to be redeployed by the project company in the funding of the project.
Keith Pickard, Portfolio Director, HSBC Specialist Fund Management Limited, HICL's Investment Adviser, said: 'We are delighted to announce these two transactions. The bolt-on acquisition in particular supports our strategy of expanding HICL through carefully selected purchases of infrastructure investments.'
For further information, please contact:
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HSBC Specialist Fund Management Limited |
+44 (0) 20 7991 8888 |
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Tony Roper |
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Keith Pickard |
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Sandra Lowe |
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Dexion Capital (Guernsey) Limited |
+44 (0) 1481 743945 |
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Martine Harrison |
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M: Communications |
+44 (0) 20 7153 1530 |
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Ed Orlebar |
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Tilly von Twickel |
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Notes
HSBC 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 28 infrastructure projects, all operational, and is seeking further suitable investment opportunities which fit its Investment Policy.
Further details of the Company can be found from its web site www.hicl.hsbc.com
The Investment Adviser to the Company is HSBC Specialist Fund Management Limited, whose infrastructure investment team has successfully invested in infrastructure projects since 1997 and which is part of HSBC Specialist Investments, the infrastructure and real estate investment arm of the HSBC Group. HSBC Specialist Fund Management Limited is authorised and regulated by the Financial Services Authority.
This information is provided by RNS
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