HICL sells interest in Colchester Garrison project

2nd Feb 2015 10:26

HICL Infrastructure has sold its 56% interest in the Colchester Garrison Ministry of Defence project to Allianz Group.The company said the decision to sell its equity and subordinated debt interest followed a recent disposal by a co-shareholder of its holding in Colchester.The profit on disposal, after costs, is £21.7m.Tony Roper, director at InfraRed Capital Partners, said: "Following receipt of very attractive offers for this asset, the board concluded that, rather than exercise the group's pre-emption rights, it was in shareholders' best interests to sell and re-invest the proceeds."We continue to evaluate a pipeline of suitable investment opportunities and are confident of being able to re-invest this capital."The project is for the redevelopment of Colchester Garrison, a major garrison located in Colchester, Essex.