The total consideration paid by the Group for the two LIFTCos was £9.8m which is in line with the current valuation of other similar projects in the Group’s portfolio and brings the total number of infrastructure investments within the Group’s portfolio to 81.
The acquisition was funded from the Group’s existing cash resources.
David Foot, Director, Infrastructure, InfraRed Capital Partners Limited (HICL’s Investment Adviser) said:
“We are pleased to become the private sector partner in two further LIFTCos adding to our existing interests in the Birmingham & Solihull LIFTCo and the Staffordshire LIFTCo. We look forward to working with our public-sector partners to continue to provide new and improved health and social care facilities within the Medway and Redbridge & Waltham Forest areas.”