Additional investment in existing project

RNS Number : 9338A

HICL Infrastructure Company Ld

27 March 2013

 



27 March 2013

HICL Infrastructure Company Limited

Additional investment in existing project

HICL Infrastructure Company Limited (the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce the acquisition by the joint venture holding company it owns with Kajima Partnerships Ltd of the remaining 50% interest in the West Lothian Schools PFI Project ("Project") from HOCHTIEF PPP Solutions (UK) Limited.

The Project is a 32-year concession to design, build and maintain two new secondary schools, the Armadale Academy, in Armadale and the Deans Community High School in Livingston, Scotland. The construction cost for the two schools was approximately £60m.

The total consideration paid by the Group for the additional interest was £6.2m which is in line with the current valuation of other UK PFI projects in the Group's portfolio. The acquisition is being funded from the Group's debt facility and builds on the Group's strategy of increasing its shareholdings in existing infrastructure investments.

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Enquiries

InfraRed Capital Partners Limited                                            [phone]

Tony Roper

Keith Pickard

Robin Hubbard

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 79 infrastructure investments, all of which are social and transportation 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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