John Laing Group plc Acquires interest in road project in Colombia (5742K)
January 05 2021 - 1:00AM
UK Regulatory
TIDMJLG
RNS Number : 5742K
John Laing Group plc
05 January 2021
5 January 2021
INVESTMENT UPDATE
John Laing acquires interest in availability-based road project
in Colombia
John Laing Group plc ("John Laing" or "the Group"), the
responsible investor and active manager of infrastructure projects
internationally, is pleased to announce that it has agreed to
acquire a 21.15% interest in the Pacifico 2 road PPP project
("Pacifico 2" or "the Project") in Colombia for a total
consideration of COP151 billion (or approximately GBP32 million).
The Group has agreed to acquire the interest from Construcciones El
Condor ("Condor") and the transaction is expected to complete
during early 2021 subject to customary conditions. Following the
transaction, the project will be owned by Odinsa (78.85%) and John
Laing (21.15%).
Located 20 kilometres south of Medellin, the second largest city
in Colombia, Pacifico 2 is an availability-based public-private
partnership project with an operating concession that runs to 2043.
It includes the construction of a new 82 kilometre dual carriageway
and two tunnels, as well an upgrade of 54 kilometres of existing
road.
The project is part of the Colombian government's Fourth
Generation ("4G") road building PPP programme aimed at improving
road connectivity and safety across the country as well as
supporting regional economic growth. Once completed, the road will
provide a valuable connection between some of Colombia's most
important cities, including Medellin and Cali, as well as the
country's largest port, Buenaventura. Construction is expected to
complete during 2021.
This is John Laing's second PPP investment in Colombia and
builds upon our strong expertise in the roads sector, local
presence and our extensive partnership network. As an acquisition
of a stake in an existing project, this is an example of John
Laing's ability to access investment opportunities which are
additional to its publicly procured pipeline.
Alex Yew, John Laing's Managing Director for Latin America,
said:
"We are delighted to be announcing our second investment in
Colombia, a country with a strong PPP framework and a healthy
pipeline of opportunities. This investment builds on our initial
success with Ruta del Cacao, another 4G road project, which we
invested in during 2019, and reflects our local presence and
relationships that we have developed in Bogotá. We look forward to
actively working with our partners to deliver a project that will
connect local communities and key cities, reduce travel times and
transportation costs and improve road safety."
Analyst & investor enquiries:
Kellie McAvoy Head of Investor Relations +44 (0) 7923 249298
Media enquiries:
Tashi Lassalle Director of Communications +44 (0) 7823 249384
Teneo:
Matthew Denham +44 (0) 7825 735596
Camilla Cunningham +44 (0) 7464 982426
About John Laing
John Laing is a responsible investor and active manager of
infrastructure projects internationally. John Laing creates value
through investing in sustainable greenfield infrastructure
projects, and by actively managing these projects through
construction and into operation. We play a key role in providing
solutions to complex infrastructure challenges leveraging our deep
expertise, flexible business model and strong network of partners
to respond to new opportunities as they emerge, helping to deliver
vital infrastructure that improves the lives of the communities we
serve.
ENDS
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END
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