Three incremental acquisitions and two disposals
15 January 2014
HICL Infrastructure Company Limited
Three incremental acquisitions and two disposals
HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce the acquisition of incremental stakes in three existing investments, and the separate disposal of interests in two further projects. The result of these transactions on the Group's investment portfolio is a disposal of two investments and net disposal proceeds of £5.8m.
Following on from the successful disposal of the Group's 50% stake in the Doncaster Schools project to Vinci Pensions Limited in November 2012, HICL's Investment Adviser, InfraRed Capital Partners Limited, has continued to examine opportunities to maximise returns from the Group's investment portfolio. These transactions are the result of that process and take the Group's investment stake in each of the Derby Schools, Newport Schools and Medway Police projects from 80% to 100%, while taking the Group's stake in each of the Dorset Police and Swindon Police projects from 80% to zero. The 20% stakes were acquired from co-shareholder Vinci Investments Limited, and the separate 80% stake disposals were made to Vinci Pensions Limited, the corporate trustee of the Vinci PLC pension fund.
The transaction values were in line with the current valuation of similar UK social infrastructure projects in the Group's portfolio.
The net disposal proceeds will be applied to reduce drawings under the Group's revolving credit facility. The Group's portfolio now comprises 91 infrastructure investments.
Graham Picken, Chairman of HICL, said:
"This transaction has a modest impact on the size of the investment portfolio. However, it demonstrates how the Investment Adviser is undertaking active portfolio management to enhance the value of the portfolio. By rationalising our holdings of specific assets selectively, we are able to enhance value and create efficiencies for the benefit of our shareholders
With a healthy pipeline of potential new investment opportunities we are confident that the Group can re-invest the net disposal proceeds in a timely manner."
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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
Martha Walsh
Peter Hewer
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 91 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 ("InfraRed"), whose infrastructure investment team has successfully invested in over 160 infrastructure projects since 1997. InfraRed manages specialised funds and co-investment capital on behalf of a broad range of investors from around the world, creating value through investing in infrastructure and real estate projects. The head office is in London, with offices in Hong Kong, New York, Paris and Sydney. InfraRed is authorised and regulated in the UK by the Financial Conduct Authority.
Further details of the Investment Adviser can be found on its website www.ircp.com.
This information is provided by RNS
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