The acquisition of the three school projects was undertaken in conjunction with Kajima, with whom HICL already successfully jointly owns and operates seven projects via a joint venture holding company. These acquisitions have seen the establishment of a new joint venture holding company (Holdco) in which HICL has a 75% shareholding and through which the following three projects were acquired from Kier and Dexia:
The three projects reached Financial Close in either 2005 or 2006 and have been operational for three or four years.
Following the acquisition of the three school projects, which was completed on 20 May 2011, HICL and Kajima agreed terms for the acquisition by the new Holdco of Kajima’s majority interest in the Brentwood Community Hospital along with the acquisition of two minority interests.
Management of the three schools projects and the hospital project will be undertaken by Kajima on behalf of the new Holdco.
David Foot, Investment Director Infrastructure, InfraRed, commented:
“We are pleased to have acquired an investment in each of these four operating projects and to build on our existing relationship with Kajima. The projects have all been operating well for a number of years and we look forward to working with Kajima to ensure this continues.”