HICL Infrastructure Company Ld Completion of Acquisition (9865P)
07 September 2017 - 4:00PM
UK Regulatory
TIDMHICL
RNS Number : 9865P
HICL Infrastructure Company Ld
07 September 2017
7 September 2017
HICL Infrastructure Company Limited
Completion of Acquisition
HICL Infrastructure Company Limited ("HICL" or the "Company"),
the listed infrastructure investment company advised by InfraRed
Capital Partners Limited ("InfraRed"), is pleased to announce that
it has today completed the acquisition of an equity interest in the
entities that comprise High Speed 1 ("HS1"). The details of the
transaction were announced by the Company on 14 July 2017.
HICL has also successfully finalised co-investment in relation
to HS1. In line with the Company's previously announced intention,
a group of InfraRed-managed minority co-investors, comprising
Korean institutional investors and UK local authority pension
funds, have invested approximately GBP120 million. HICL's own share
of the consideration for the HS1 acquisition amounts to GBP196
million. With co-investment now finalised, HICL has a 21.8 per cent
equity interest in HS1 and a net funding requirement of
approximately GBP140 million.
Harry Seekings, Director Infrastructure at InfraRed Capital
Partners Limited, said:
"InfraRed is delighted to have completed the HS1 acquisition on
behalf of HICL and we welcome the co-investors into the Project.
Through co-investment, we are able to develop key relationships
with strategically aligned partners in order to facilitate access
to larger opportunities for HICL. This approach allows HICL to
manage its portfolio exposure and maintain prudent and responsible
portfolio construction for its shareholders.
"The HICL portfolio continues to be well diversified. HICL's 10
largest investments, which represent c. 45% of the portfolio by
value, are spread across HICL's target market segments, geographies
and sectors, with c. 16% of portfolio value currently invested in
demand-based assets with returns correlated to economic cycle." (1,
2)
(1) Percentages calculated using the HICL portfolio valuation at
31 March 2017 plus subsequent investments at cost.
(2) Demand-based assets with returns correlated to the economic
cycle comprise investments in HS1, two toll roads (A63 Motorway and
Northwest Parkway) and a shadow toll road (M1-A1 Link).
-ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Harry Seekings
Keith Pickard
Tony Roper
Tulchan Communications +44 (0) 20 7353 4200
David Allchurch
Latika Shah
Canaccord Genuity Limited +44 (0) 20 7523 8000
David Yovichic
HICL Infrastructure Company Limited
HICL Infrastructure Company Limited ("HICL" or the "Company",
and together with its subsidiaries the "HICL Group") is a long-term
investor in infrastructure assets which are predominantly
operational and yielding steady returns. It was the first
infrastructure investment company to be listed on the London Stock
Exchange.
With a current portfolio of 116 infrastructure investments, HICL
is seeking further suitable opportunities, which are positioned at
the lower end of the risk spectrum, in three target markets
segments: PPP projects; regulated assets; and demand-based
assets.
Further details can be found on the HICL website
www.hicl.com.
Investment Adviser (InfraRed Capital Partners)
The Investment Adviser to HICL is InfraRed Capital Partners
Limited ("InfraRed") which has successfully invested in over 200
infrastructure projects since 1997. InfraRed is a leading
international investment manager focused on infrastructure and real
estate. It operates worldwide from offices in London, Hong Kong,
New York, Seoul and Sydney. With over 120 professionals it manages
in excess of US$9bn of equity capital in multiple private and
listed funds, primarily for institutional investors across the
globe. InfraRed is authorised and regulated by the Financial
Conduct Authority.
The infrastructure investment team at InfraRed consists of
approximately 60 investment professionals, all with an
infrastructure investment background and a broad range of relevant
skills, including private equity, structured finance, construction,
renewable energy and facilities management.
InfraRed implements best-in-class practices to underpin asset
management and investment decisions, promotes ethical behaviour and
has established community engagement initiatives to support good
causes in the wider community. InfraRed is a signatory of the
Principles of Responsible Investment.
Further details can be found on InfraRed's website
www.ircp.com.
HS1 Ltd
HS1 Ltd has the 30 year concession to own and operate High Speed
1, the UK's first section of high speed rail, as well as the
stations along the route: St Pancras International, Stratford
International, Ebbsfleet International and Ashford
International.
In July 2017 HS1 Ltd was acquired by a consortium comprising
funds advised and managed by InfraRed Capital Partners Limited and
Equitix Investment Management Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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