John Laing ups stake in Barcelona Metro project

5th May 2016 12:07

(ShareCast News) - John Laing Infrastructure Fund has entered into an agreement with Acsa, a member of the Sorigue Group, to acquire an additional 13.5% interest in the Barcelona Metro Stations Line 9 Section II project.The FTSE 250 infrastructure investment group's existing 40% stake in Section II was bought back in January from a subsidiary of Grupo ACS.The aggregate consideration for the two investments, which are expected to complete over the coming weeks, is approximately £50m. This will be funded through John Laing's currently undrawn £180m multi-currency revolving credit facility.The company said the acquisitions further consolidate its entry into the Spanish public private partnership market and increase the total number of assets in its portfolio to 60.Andrew Charlesworth from John Laing Capital Management, investment adviser to John Laing, said: ""JLIF is pleased to have furthered its presence in the Spanish market and to have done so via an exclusive process based on a relationship with a co-shareholder."We would like to thank Acsa for their efforts in reaching this agreement and for ensuring that the transaction completed in an efficient manner."At 1220 BST, John Laing shares were up 0.8% to 213.70p.