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29 Jul 2008 07:00
29 July 2008
HSBC Infrastructure Company Limited
HSBC Infrastructure Company Ltd increases stakes in 3 PFI Projects for £8.3 million
HSBC Infrastructure Company Limited ("HICL" or the "Company"), the listed infrastructure investment company, announces today that it has completed the acquisition of additional interests in 3 Private Finance Initiative ("PFI") projects for £8.3 million, paid in cash from existing resources.
A subsidiary of HICL has acquired the equity and loan stock interests from subsidiaries of Bouygues Group in the following projects:
Home Office, comprising the headquarters of the Home Office in central London, which has been occupied by the Home Office since January 2005.
West Middlesex Hospital, comprising a 228-bed hospital for West Middlesex University Hospital NHS Trust, which became operational in June 2003.
Central Middlesex Hospital, comprising hospital facilities for 214 beds and three main theatres on the hospital's site in North West London.
The acquisition takes HICL's economic interest in these three projects to 100%. All of these projects are now operational and were developed by HSBC managed infrastructure funds and Bouygues UK. Ecovert FM, a Bouygues Construction subsidiary provides the facilities management services for each of these projects. These incremental acquisitions bring to ten the number undertaken by HICL since launch and increase the number of wholly-owned subsidiary projects from four to seven.
Tony Roper, Director, HSBC Specialist Fund Management Limited, HICL's Investment Adviser, said: "We are delighted to announce these bolt-on acquisitions, which support HICL's strategy of acquiring additional stakes in existing projects when suitable opportunities arise."
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Notes
HSBC Infrastructure Company Limited
The Company is a long term investor in infrastructure projects which are predominantly in their operating phase and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange. It currently owns a portfolio of 27 infrastructure projects, all operational, and is seeking further suitable investment opportunities which fit its Investment Policy.
The Company successfully raised £103.6m (before expenses) in May by way of a C-Share issue (which converted into ordinary shares on 3 June 2008), to give the Company resources with which to make further acquisitions.
Further details of the Company can be found from its web site www.hicl.hsbc.com
The Investment Adviser to the Company is HSBC Specialist Fund Management Limited, whose infrastructure investment team has successfully invested in infrastructure projects since 1997 and which is part of HSBC Specialist Investments, the infrastructure and real estate investment arm of the HSBC Group. HSBC Specialist Fund Management Limited is authorised and regulated by the Financial Services Authority.