HICL buys Scottish schools PPP projects

Infrastructure investment company HICL Infrastructure said it has acquired an interest in the South Ayrshire Schools Public Private Partnerships project from subsidiaries of Carillion, Lloyds Banking Group and Cyril Sweett Group for £15.75m. HICL said the acquisition was funded from the company's existing resources and added that the consideration paid for the investment is in line with the current valuation of similar private finance initiative (PFI) projects in the United Kingdom.The project involves the operation of three new primary schools, two new secondary schools and a new performing arts annex at an existing secondary school. The schools were constructed by Carillion and are currently operated by Mitie PFI Limited. This acquistion is HICL's second deal in June and it increases the group's portfolio to 42 infrastructure investments.AR