(Alliance News) - John Laing Group PLC said Wednesday its net asset value rose over the third quarter, due to a strong contribution from its Public-Private Partnerships portfolio.
As at September 30, the infrastructure investor's net asset value per share increased by 1.6% to 314 pence from 309p at the end of June.
The PPP portfolio contributed well to net asset value, through gains made on the realisation of John Laing's 30% interest in IEP East at an uplift of over 22% on the June 30 valuation, as well as deliveries from several key projects.
There was also a solid performance from the Renewable Energy portfolio, as the Australian wind farm portfolio was realised in October at an uplift of 2% to its previous valuation at the end of June.
John Laing's pipeline at the end of September comprised ten preferred bidder and short-listed bidder positions with an aggregate gross investment value of GBP526 million, down from GBP572 million at the end of June.
Looking ahead, a positive performance in the third quarter has underpinned the investor's outlook for growth in net asset value for the second half of 2020.
"The prospects for infrastructure investment globally are strong and I am confident that our proven expertise in greenfield project development and strong network of partner relationships position us well to capitalise on future opportunities," said Chief Executive Ben Loomes.
Shares in John Laing were down 0.7% at 281.02 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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