HICL acquires two French investments

14th Jan 2014 07:57

HICL Infrastructure Company on Tuesday announced the acquisition of two new investments in France. The first is an 85% interest in the University of Bourgogne public private partnership (PPP), under which it will design, construct, finance and maintain four new academic buildings. HICL acquired its stake from Pertuy Construction, which is undertaking the construction programme, valued at around £17m, over the next two years. The second acquisition is of a 90% interest in the RD901 Project, which comprises the design, construction, finance and maintenance of a new 7km dual carriageway bypassing the small town of Troissereux, near Beauvais. The project has a 22-year PPP contract which is structured on an availability basis with payments from the Département de l'Oise. Both of the projects, the commitment for which totalled €6.5m, are already under construction. Erwan Fournis, Director of Infrastructure of InfraRed Capital Partners, the Company's Investment Adviser, said: "We are very pleased with our first two investments in France which demonstrate the intention of the group to develop its activities in this region. "These two acquisitions are part of a pipeline of investment opportunities in France being pursued actively by the group." NR