HICL acquires four new investments

1st Jul 2013 09:37

HICL Infrastructure Company has acquired four new investments for a combined consideration of 107.9m pounds.Investments include a 50% interest in the Salford Hospital PFI Project from Balfour Beatty, a 33.33% stake in the Miles Platting Social Housing PFI Project from Morgan Sindall, a 75% holding in the Gloucester Fire & Rescue PFI Project from Kier and a 12.5% interest in the Allenby & Connaught Ministry of Defence (MoD) PFI Project from Carillion. The Salford Hospital PFI Project is a 35-year concession, procured by the Salford Royal NHS Foundation Trust, to design, construct and commission new-build hospital facilities and associated site infrastructure in Salford, Greater Manchester. The Miles Platting Social Housing PFI Project is a 30-year concession, procured by the City of Manchester Council, to redesign and refurbish about 1,500 occupied properties, as well as to build 20 new extra care homes and 11 new family homes in Miles Platting, Manchester. The Gloucester Fire & Rescue PFI Project, a 26-year concession, procured by the Gloucester Fire Authority, includes the construction of four community fire stations in Gloucestershire. The Allenby & Connaught MoD PFI Project is a 35-year concession to build new and refurbished MoD accommodation across four garrisons on Salisbury Plain, comprising working, leisure and living quarters as well as ancillary buildings. Tony Roper, Head of Secondary Infrastructure at InfraRed Capital Partners, the company's investment adviser, said: "These acquisitions form part of the exclusive pipeline reported in the Company's Annual Results and are in line with its stated investment strategy. "As a result of these acquisitions, the company now has a net funding requirement of £85m which is principally financed through drawings under its £100m revolving credit facility. The company will seek to repay these drawings by way of equity tap issuance, which it has authority to undertake on a non pre-emptive basis, as and when the Directors deem appropriate."RD