HICL Infrastructure Regulatory News (HICL)

07 November 2019

HICL Infrastructure PLC

Disposal of two investments

HICL Infrastructure PLC ("HICL" or the "Company", and together with its subsidiaries the "Group"), the UK-based infrastructure investment trust managed by InfraRed Capital Partners Limited ("InfraRed" or the "Investment Manager"), is pleased to announce that the Group has entered into an agreement to divest its entire equity and subordinated debt interests in two UK PPP projects: the Health & Safety Laboratory in Buxton; and the South West Acute Hospital in Enniskillen (together the "Projects"). The combined consideration is c. £52m and the disposals are expected to complete before the end of the calendar year.

In line with the Company's strategy to optimise portfolio construction, the Investment Manager sought offers for the Projects. These were analysed by InfraRed and were considered to be attractive, enhancing key portfolio metrics and delivering significant value to HICL's shareholders. The Group expects to redeploy the proceeds into accretive investments, including previously announced OFTOs that are currently at preferred bidder stage.

Harry Seekings, Co-Head of Infrastructure at InfraRed Capital Partners Limited, said:

"Over the past 18 months, we have used selective disposals to crystallise value for HICL's shareholders, recycling almost 7% of portfolio value into more attractive investments. Both the Board and InfraRed continue to seek opportunities to deliver value for shareholders, positioning the Company for future acquisitions that will further enhance the portfolio."

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Enquiries

InfraRed Capital Partners Limited +44 (0) 20 7484 1800

Harry Seekings

Keith Pickard

Kirsty MacCallum

Teneo +44 (0) 20 7420 3169

Robert Morgan

Haya Herbert-Burns

Investec Bank plc +44 (0) 20 7597 4000

David Yovichic

RBC Capital Markets +44 (0) 20 7653 4000

Darrell Uden

HICL Infrastructure PLC

HICL Infrastructure PLC ("HICL") is a long-term investor in infrastructure assets which are predominantly operational and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange.

With a current portfolio of 117 infrastructure investments, HICL is seeking further suitable opportunities, which are positioned at the lower end of the risk spectrum, in three target markets segments: PPP projects; regulated assets; and demand-based assets.

Further details can be found on the HICL website www.hicl.com.

Investment Manager (InfraRed Capital Partners)

The Investment Manager to HICL is InfraRed Capital Partners Limited ("InfraRed"), which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With over 160 professionals it manages in excess of US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 85 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website www.ircp.com.