HICL Infrastructure Company Ld Incremental Acquisition (8460Q)
June 11 2018 - 1:00AM
UK Regulatory
TIDMHICL
RNS Number : 8460Q
HICL Infrastructure Company Ld
11 June 2018
11 June 2018
HICL Infrastructure Company Limited
Incremental Acquisition
HICL Infrastructure Company Limited ("HICL" or the "Company"),
the listed infrastructure investment company advised by InfraRed
Capital Partners Limited ("InfraRed"), is pleased to announce that
it has agreed to acquire a further 7.2% interest in the A63
Motorway concession (the "Project") in France for EUR62m from funds
managed by DIF Infrastructure III and DIF Infrastructure IV. The
acquisition is not subject to any further conditions and will
complete by the end of this month.
The Project is a 40-year toll-road concession to design,
upgrade, finance, operate and maintain a 104km section of the
existing A63 between Salles and Saint-Geours-de-Maremne, in
southwest France. Financial close occurred in 2010 and the upgraded
road opened in 2013. HICL acquired an initial 13.8% interest in the
Project in January 2017 and, with completion of this incremental
investment, will hold a 21% interest in the Project.
The consideration is in line with the carrying value of HICL's
existing investment in the Project as at 31 March 2018. It will be
funded from the proceeds of the disposal of the Highland Schools
PPP2 Project, which was announced in April 2018. The acquisition
exemplifies an ongoing strategy of portfolio optimisation for the
Company. It is accretive to the existing portfolio, particularly in
terms of total return and cashflow longevity.
-ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Harry Seekings
Keith Pickard
Tulchan Communications +44 (0) 20 7353 4200
Latika Shah
Sheebani Chothani
Canaccord Genuity Limited +44 (0) 20 7523 8000
David Yovichic
HICL Infrastructure Company Limited
HICL Infrastructure Company Limited ("HICL" or the "Company",
and together with its subsidiaries the "HICL Group") is a long-term
investor in infrastructure assets which are predominantly
operational and yielding steady returns. It was the first
infrastructure investment company to be listed on the London Stock
Exchange.
With a current portfolio of 118 infrastructure investments, HICL
is seeking further suitable opportunities, which are positioned at
the lower end of the risk spectrum, in three target markets
segments: PPP projects; regulated assets; and demand-based
assets.
Further details can be found on the HICL website
www.hicl.com.
Investment Adviser (InfraRed Capital Partners)
The Investment Adviser to HICL is InfraRed Capital Partners
Limited ("InfraRed") which has successfully invested in over 200
infrastructure projects since 1997. InfraRed is a leading
international investment manager focused on infrastructure and real
estate. It operates worldwide from offices in London, Hong Kong,
New York, Seoul and Sydney. With over 130 professionals it manages
in excess of US$10bn of equity capital in multiple private and
listed funds, primarily for institutional investors across the
globe. InfraRed is authorised and regulated by the Financial
Conduct Authority.
The infrastructure investment team at InfraRed consists of
approximately 70 investment professionals, all with an
infrastructure investment background and a broad range of relevant
skills, including private equity, structured finance, construction,
renewable energy and facilities management.
InfraRed implements best-in-class practices to underpin asset
management and investment decisions, promotes ethical behaviour and
has established community engagement initiatives to support good
causes in the wider community. InfraRed is a signatory of the
Principles of Responsible Investment.
Further details can be found on InfraRed's website
www.ircp.com.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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