Acquisition by HICL of an investment in the Fife Schools 2 PPP Project

4 April 2019 Investments
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 30% equity and loan note interest in the Fife Schools 2 PPP (the Project) from Miller Emblem Investments Limited (Miller).

The Project is a 25 year concession to design, construct, finance and maintain nine primary schools and one special education needs facility, on eight sites in the Fife area of Scotland.

The new schools were built by Miller Construction under a £63.5m fixed-price construction contract between 2005 and 2007 and they currently provide accommodation for 3,200 pupils. The schools have been operational since 2007. FES FM Limited provides both the hard and soft facilities management services to the Project.

The total consideration paid by the Group is £3.9m, which is in line with the current valuations of similar U.K. PFI projects in the Group’s portfolio. The acquisition was funded from the Group’s existing cash and debt resources.

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