HICL acquires further interests in two existing ..

RNS Number : 6742M

HICL Infrastructure Company Ld

29 August 2013

 



29 August 2013

HICL Infrastructure Company Limited

HICL acquires further interests in two existing UK operational projects for £10.2m

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 50% equity interest in the Newton Abbot Community Hospital Project ("Newton Abbot"). Newton Abbot is a 31 year concession which runs until December 2038 for the construction and operation of a community hospital for Torbay and Southern Devon Health and Care NHS Trust.

2.            A further 5% equity and loan notes interest in the Connect Project ("Connect") giving the Group a 33.5% interest overall. Connect is a 20 year concession which runs until November 2019 to upgrade and operate London Underground Limited's radio and telecommunications systems.

The total consideration paid for the two acquisitions is in line with the current valuation of other UK PFI projects in the Group's portfolio, and the acquisitions are central to the strategy of investing in operational social and transportation infrastructure concessions.  

The acquisitions were funded from the Group's existing cash and debt resources.

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Enquiries

InfraRed Capital Partners Limited                            [phone]

Tony Roper

Keith Pickard

Robin Hubbard

Tulchan Communications                                            [phone]

Martha Walsh

Rebecca Scott

Canaccord Genuity                                                          [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 89 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.

 

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