HICL Infrastructure PLC Disposal of Two Investments (5557S)
07 November 2019 - 6:00PM
UK Regulatory
TIDMHICL
RNS Number : 5557S
HICL Infrastructure PLC
07 November 2019
07 November 2019
HICL Infrastructure PLC
Disposal of two investments
HICL Infrastructure PLC ("HICL" or the "Company", and together
with its subsidiaries the "Group"), the UK-based infrastructure
investment trust managed by InfraRed Capital Partners Limited
("InfraRed" or the "Investment Manager"), is pleased to announce
that the Group has entered into an agreement to divest its entire
equity and subordinated debt interests in two UK PPP projects: the
Health & Safety Laboratory in Buxton; and the South West Acute
Hospital in Enniskillen (together the "Projects"). The combined
consideration is c. GBP52m and the disposals are expected to
complete before the end of the calendar year.
In line with the Company's strategy to optimise portfolio
construction, the Investment Manager sought offers for the
Projects. These were analysed by InfraRed and were considered to be
attractive, enhancing key portfolio metrics and delivering
significant value to HICL's shareholders. The Group expects to
redeploy the proceeds into accretive investments, including
previously announced OFTOs that are currently at preferred bidder
stage.
Harry Seekings, Co-Head of Infrastructure at InfraRed Capital
Partners Limited, said:
"Over the past 18 months, we have used selective disposals to
crystallise value for HICL's shareholders, recycling almost 7% of
portfolio value into more attractive investments. Both the Board
and InfraRed continue to seek opportunities to deliver value for
shareholders, positioning the Company for future acquisitions that
will further enhance the portfolio."
-ends-
Enquiries
InfraRed Capital Partners Limited +44 (0) 20 7484 1800
Harry Seekings
Keith Pickard
Kirsty MacCallum
Teneo +44 (0) 20 7420 3169
Robert Morgan
Haya Herbert-Burns
Investec Bank plc +44 (0) 20 7597 4000
David Yovichic
RBC Capital Markets +44 (0) 20 7653 4000
Darrell Uden
HICL Infrastructure PLC
HICL Infrastructure PLC ("HICL") 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 117 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 Manager (InfraRed Capital Partners)
The Investment Manager 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 160 professionals it manages
in excess of US$12bn 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 over
85 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.
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END
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