Last checked at 
15 Jun 2011 07:00
15 June 2011
HICL Infrastructure Company Limited
Acquisition of Scottish Schools PPP project for £15.75m
HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, announces today that the Group has acquired an interest in the South Ayrshire Schools PPP Project (the "Project") from subsidiaries of Carillion plc, Lloyds Banking Group plc and Cyril Sweett Group plc. The total consideration paid by the Group for the interest was £15.75m.
The Project involved the financing, design and construction, and now subsequent operation of three new primary schools, two new secondary schools and a new performing arts annex at an existing secondary school. The schools were all constructed by Carillion and are now being managed and operated by Mitie PFI Limited. All the schools have been operational since between Jan 2008 and Jan 2010.
The consideration paid for these investments is in line with the current valuation of similar UK PFI projects in the Group's portfolio, and was funded from the Group's existing resources.
The acquisition takes the number of infrastructure investments in the Group's portfolio to 42.
Tony Roper, Director of InfraRed Capital Partners Limited, HICL's Investment Adviser, said: "As we noted in the Annual results announced in May, we have a significant pipeline of opportunities under review and South Ayrshire Schools is one of those opportunities.
This acquisition adds to the Company's existing portfolio of Schools projects and we look forward to working with the Local Authority and the other stakeholders to ensure that these projects continue to be well-managed and successful."
-ends-
M:Communications | +44 (0)20 7920 2330 |
Ed Orlebar Andrew Benbow | |
InfraRed Capital Partners Limited | +44 (0) 20 7484 1800 |
Tony Roper Keith Pickard Sandra Lowe |
HICL Infrastructure Company Limited
The Company is a long term investor in infrastructure projects which are predominantly in their operating phase and yielding steady returns. Following this acquisition the Company now owns a portfolio of 42 infrastructure projects of which 40 are operational.
The Company continues to seek further suitable investment opportunities in line with its strategy set out in its final results and its November 2010 C share prospectus.
Further details of the Company can be found on its website www.hicl.com.
Investment Adviser
The Investment Adviser to the Company is InfraRed Capital Partners whose infrastructure investment team has successfully invested in and managed infrastructure projects since 1997. InfraRed Capital Partners Limited is authorised and regulated by the Financial Services Authority.