HICL Infrastructure PLC Disposal of University of Sheffield Accommodation (1579T)
November 13 2023 - 1:00AM
UK Regulatory
TIDMHICL
RNS Number : 1579T
HICL Infrastructure PLC
13 November 2023
13 November 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".)
HICL Announces Disposal of University of Sheffield
Accommodation
for a consideration of c. GBP18m
-- Sale represents a small premium to the Company's valuation at 31 March 2023
-- Transaction is accretive to key portfolio metrics and improves portfolio composition
-- Continues HICL's track record of delivering capital growth through active asset recycling
The Board is pleased to announce that HICL has entered into an
agreement to dispose of its entire equity interests in the
University of Sheffield Accommodation Project for a consideration
of c. GBP18m. Proceeds from the sale represent a small premium to
the Company's last audited valuation at 31 March 2023, which has
been reflected in the recently published 30 September 2023 NAV.
This transaction is further evidence of the value of HICL's
portfolio and the disconnect between public and private market
valuations for high-quality infrastructure assets .
Completion is expected before the end of the year, subject to
customary third-party consents. Proceeds from the transaction will
be used to reduce the balance on the Company's GBP650m Revolving
Credit Facility ("RCF"). Following completion of all announced
disposals, drawings on the RCF are expected to be c. GBP115m.
Edward Hunt, Head of Core Income Funds at InfraRed said:
" This latest transaction takes the total number of disposals
for the year to nine, evidencing our active approach to asset
recycling and the Company's ability to reduce debt in a value
accretive manner, notwithstanding wider macroeconomic
volatility."
-Ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800 /
info@hicl.com
Edward Hunt
Helen Price
Mohammed Zaheer
Brunswick +44 (0) 20 7404 5959 / hicl@brunswickgroup.com
Sofie Brewis
Investec Bank plc
+44(0) 20 7597 4952
David Yovichic
RBC Capital Markets
+44 (0) 20 7653 4000
Matthew Coakes
Elizabeth Evans
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)
The Investment Manager to HICL is InfraRed Capital Partners
Limited ("InfraRed") which has successfully invested in
infrastructure projects since 1997. InfraRed is a leading
international investment manager, operating worldwide from offices
in London, New York, Seoul and Sydney and managing 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 over
100 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
.
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END
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