Last checked at 
22 Oct 2012 07:00
22 October 2012
HICL Infrastructure Company Limited
Acquisition of an Investment in the Fife Schools 2 PPP Project for £3.9m
HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce that the Group has acquired a 30% equity and loan note interest in the Fife Schools 2 PPP (the "Project") from Miller Emblem Investments Ltd ("Miller").
The Project is a 25 year concession to design, construct, finance and maintain nine primary schools and one special education needs facility, on eight sites in the Fife area of Scotland.
The new schools were built by Miller Construction under a £63.5 million fixed-price construction contract between 2005 and 2007 and they currently provide accommodation for 3,200 pupils. The schools have been operational since 2007. FES FM Limited provides both the hard and soft facilities management services to the Project.
The total consideration paid by the Group is £3.9m, which is in line with the current valuations of similar UK PFI projects in the Group's portfolio. The acquisition was funded from the Group's existing cash and debt resources.
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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. It was the first infrastructure investment company to be listed on the London Stock Exchange. It currently owns a portfolio of 76 infrastructure investments, all of which are PFI/PPP/P3 projects, and is seeking further suitable investment opportunities which fit its stated Investment Strategy.
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 Limited, whose infrastructure investment team has successfully invested in infrastructure projects since 1997.
InfraRed Capital Partners Limited is authorised and regulated by the Financial Services Authority.