HICL Infrastructure Company Limited (“HICL” or the “Company”, and together with its subsidiaries the “Group”), the listed infrastructure investment company, is pleased to announce the acquisition of further equity interests in two of its existing projects, as follows:
Following completion of the acquisitions, the Group will hold 100% of the equity interests in each of the projects.
Willesden Hospital PFI Project is a 32-year concession for the design, construction, financing, maintenance and operation of a community hospital in North London. The project was signed in December 2002 and has been fully operational since April 2005.
Barking & Dagenham Schools PFI Project is a 27-year concession for the design, construction, financing, maintenance and operation of two new secondary schools in East London. The project was signed in March 2004 and has been fully operational since August 2009.
The consideration paid by the Group for both incremental investments, which amounted to approximately £8.1m in aggregate, is in line with the current valuation of similar UK social infrastructure projects in the Group’s portfolio and was funded by way of drawings under the Group’s revolving credit facility.
David Foot, Director, Infrastructure, InfraRed Capital Partners Limited, said:
“Both projects have performed well over recent years and we are pleased to be able to continue the strategy of increasing the Group’s ownership of existing projects when suitable opportunities arise.”