The consideration paid by the Group for these investments is in line with the current valuations of similar U.K. social infrastructure projects in the Group’s portfolio and brings the total number of investments in the Group’s portfolio to 89. The acquisitions were funded from the Group’s existing cash and debt resources.
Tony Roper, Head of Secondary Infrastructure at InfraRed Capital Partners Limited (the Company’s Investment Adviser), said:
“These acquisitions form part of the exclusive pipeline reported in the Company’s Annual Results and are in line with its stated investment strategy.
“As a result of these acquisitions, the Company now has a net funding requirement of £85m which is principally financed through drawings under its £100m revolving credit facility. The Company will seek to repay these drawings by way of equity tap issuance, which it has authority to undertake on a non pre-emptive basis, as and when the Directors deem appropriate.”