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(Alliance News) - HICL Infrastructure PLC on Tuesday said it has agreed to acquire the remaining 50% stake in the M17/M18 Gort to Tuam road in the Republic of Ireland from the Marguerite I Fund.
The FTSE 250-listed infrastructure investor said the acquisition is a 28-year concession to design, finance, construct and maintain a new 57 kilometre dual carriageway section of the M17/M18 between Gort and Tuam in County Galway on the west coast of the island for Transport Infrastructure Ireland.
HICL acquired an initial 10% interest in the project at the end of financial 2014 ended March 31, and an additional 40% interest in 2019. The EUR41 million acquisition of the remainder 50% stake is expected to complete by the end of September.
"We are delighted that HICL is taking full ownership of the M17/M18 road PPP, a project that has improved connectivity between airports in the west of Ireland. The investment is expected to be accretive to portfolio yield and will provide further geographical diversification to HICL's exposure to availability-based transportation projects," said Harry Seekings, co-head of Infrastructure at InfraRed Capital Partners Ltd.
InfraRed acts as investment manager to HICL.
Shares in HICL Infrastructure were trading down 0.1% at 165.40 pence each on Tuesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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