HICL Infrastructure PLC Disposal (2888X)
April 25 2023 - 1:00AM
UK Regulatory
TIDMHICL
RNS Number : 2888X
HICL Infrastructure PLC
25 April 2023
25 April 2023
HICL Infrastructure PLC
"HICL" or "the Company" and, together with its subsidiaries,
"the Group", the London-listed infrastructure investment company
managed by InfraRed Capital Partners Limited ("InfraRed" or the
"Investment Manager").
Investment Activity
Partial Disposal of Northwest Parkway
The Board is pleased to announce that HICL has entered into an
agreement to dispose of 30% of its equity interests in the US
Northwest Parkway toll-road project ("NWP") for a consideration of
c. USD86m. Proceeds from the sale are in excess of the Company's
March 2022 pro-rata asset valuation.
Completion is expected in June, subject to customary closing
conditions. Following completion of the transaction, HICL will
retain a 23.3% equity interest and preserve its governance rights
at the asset level board.
HICL invested in NWP in December 2016, and the sale price
represents an 11.0% holding period IRR and a 1.8x multiple on the
pro-rata cash invested. This transaction enhances HICL's track
record of achieving capital growth through selective and
disciplined asset realisations, a key pillar of the Company's
growth and funding strategy.
Proceeds from the transaction will be recycled into the
Company's investment in French fibre-to-the-home platform Altitude
Infra which was announced earlier this month.
Edward Hunt, Head of Core Income Funds at InfraRed said:
"Active capital recycling remains a key lever to optimise HICL's
portfolio construction, providing a valuable source of funding
beyond capital markets that compounds returns for shareholders and
drives NAV outperformance."
Completion of Acquisition
The Board is pleased to confirm that HICL has completed the
previously announced acquisition of an equity interest in Texas
Nevada Transmission LLC, a US electricity transmission asset,
following the receipt of regulatory approvals and customary
third-party consents.
The details of the transaction were announced by the Company on
5 September 2022.
-ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800 / info@hicl.com
Edward Hunt
Helen Price
Mohammed Zaheer
Teneo +44 (0) 20 7420 3169 / HICL@teneo.com
Haya Herbert-Burns
Matthew Thomlinson
Investec Bank plc +44(0) 20 7597 4952
David Yovichic
RBC Capital Markets +44 (0) 20 7653 4000
Matthew Coakes
Aztec Financial Services (UK) Limited +44(0) 203 818 0246
Chris Copperwaite
Sarah Felmingham
HICL Infrastructure PLC
HICL Infrastructure PLC ("HICL") 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 over 100 infrastructure investments,
HICL is seeking further suitable opportunities in core
infrastructure, which are inherently positioned at the lower end of
the risk spectrum.
Further details can be found on the HICL website www.hicl.com
.
Investment Manager (InfraRed Capital Partners)
InfraRed Capital Partners is an international infrastructure
investment manager, with more than 190 professionals operating
worldwide from offices in London, New York, Sydney and Seoul. Over
the past 25 years, InfraRed has established itself as a highly
successful developer and custodian of infrastructure assets that
play a vital role in supporting communities. InfraRed manages
US$14bn+ of equity capital(1) for investors around the globe, in
listed and private funds across both income and capital gain
strategies.
A long-term sustainability-led mindset is integral to how
InfraRed operates as it aims to achieve lasting, positive impacts
and deliver on its vision of Creating Better Futures. InfraRed has
been a signatory of the Principles of Responsible Investment since
2011 and has achieved the highest possible PRI rating(2) for its
infrastructure business for seven consecutive assessments, having
secured a 5-star rating for the 2021 period. It is also a member of
the Net Zero Asset Manager's Initiative and is a TCFD
supporter.
InfraRed is part of SLC Management, the institutional
alternatives and traditional asset management business of Sun Life.
InfraRed represents the infrastructure equity arm of SLC
Management, which also incorporates BentallGreenOak, a global real
estate investment management adviser, and Crescent Capital, a
global alternative credit investment asset manager.
www.ircp.com
(1) Data as at Q3 2022. Equity Capital is calculated using a
5-year average FX rate
(2) Principles for Responsible Investment ("PRI") ratings are
based on following a set of Principles, including incorporating ESG
issues into investment analysis, decision-making processes and
ownership policies. More information is available at
https://www.unpri.org/about-the-pri
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END
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