John Laing Infrastructure Fund Agreement of Acquisition (2022R)
09 December 2016 - 6:00PM
UK Regulatory
TIDMJLIF
RNS Number : 2022R
John Laing Infrastructure Fund
09 December 2016
9 December 2016
John Laing Infrastructure Fund Limited
Agreement of Acquisition
JLIF, the FTSE 250 listed infrastructure investment company, is
pleased to announce that it has signed a Sale and Purchase
Agreement with John Laing Infrastructure Limited (a wholly-owned
subsidiary of John Laing Group plc ("John Laing")) in respect of
the acquisition of a 100% interest in the A55 Llandegai to Holyhead
road PPP project. The A55, running from Holyhead across north
Wales, forms part of the Trans-European Transport Network,
providing a vital connection between the Republic of Ireland, the
United Kingdom and ultimately Continental Europe.
The acquisition is being made under the First Offer Agreement
between John Laing and JLIF. The consideration for the acquisition
is approximately GBP28.3 million and completion is subject to the
customary consents. The consideration will be funded through a
combination of cash and by drawing on JLIF's GBP180 million
multi-currency revolving credit facility.
The transaction represents JLIF's fifth highway investment in
the United Kingdom and will bring the total number of assets in
JLIF's portfolio to 61.
Andrew Charlesworth from John Laing Capital Management ("JLCM"),
Investment Adviser to JLIF, said:
"JLIF is pleased to have secured a 100% interest in this
UK-based, operational road PPP project. The project benefits from a
long operating history and shadow toll mechanism which reduces the
sensitivity to variation in traffic volumes. JLIF is confident in
the level of prudence in this regard with its assumptions of
forecast revenues and costs."
For further information, please contact:
JLCM 020 7901 3326
Andrew Charlesworth
Finsbury 020 7251 3801
Philip Walters
Nidaa Lone
JLIF is one of Europe's largest listed infrastructure funds,
trading on the London Stock Exchange. As an equity stakeholder,
JLIF partners with public sector counterparties across the world to
deliver key local and national infrastructure projects. In return
these provide government-backed, inflation-linked revenue streams
to our business. JLIF's continued success is built on a
collaborative approach, centred on long term relationships with its
clients such that their changing infrastructure needs can be met in
a timely and cost effective way.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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