Completion of two Investments for ?41.6m
28 May 2013
HICL Infrastructure Company Limited
Completion of two Investments for £41.6m
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 acquired a 39% equity and loan note interest in the South West Hospital Enniskillen PFI Project (the "Project") from FCC Construcción SA ("FCC").
The Project is a 33 year concession to design, construct, finance and maintain a new acute hospital and key worker accommodation on a greenfield site at Enniskillen in Northern Ireland.
The new hospital was built by a joint-venture between FCC and P Elliott & Co Limited and was completed on schedule in May 2012. It covers an area of circa 71,500m2 and accommodates 312 single inpatient beds. The facilities include outpatient facilities, an Accident & Emergency unit, a new energy centre and key worker accommodation (providing 120 bed spaces in 45 units, office accommodation and a crèche).
Interserve FM Limited provides the hard facilities management services to the Project under a long-term services agreement.
The consideration is in line with the current valuations of similar UK PFI projects in the Group's portfolio and was funded from the Group's cash resources.
The Group has also completed the acquisition of the 50% equity and loan note interests in the University of Sheffield Project from InfraRed Infrastructure Fund II, identified in February 2013 as one of the two Conditional Investments described in the Company's New Ordinary Share Prospectus. This brings the total number of investments in the Group's portfolio to 85.
Erwan Fournis, Director, Infrastructure, at InfraRed Capital Partners Limited (HICL's Investment Adviser) said:
"We are pleased to have completed these acquisitions which were identified as part of the Group's pipeline of new investment opportunities at the time of the Company's recent successful equity capital raising, and were part of the pipeline referred to in the Company's recent results announcement. We look forward to working with our co-shareholders and public sector partners to continue the provision of quality services for these projects."
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Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Tony Roper
Keith Pickard
Erwan Fournis
Robin Hubbard
Tulchan Communications +44 (0) 20 7353 4200
Ed Orlebar
Rebecca Scott
Canaccord Genuity +44 (0) 20 7523 8000
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 85 social and transportation infrastructure investments 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 Conduct Authority.
This information is provided by RNS
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