HICL Infrastructure Regulatory News (HICL)

21 July 2020

HICL Infrastructure PLC

"HICL" or "the Company" and, together with its subsidiaries, "the Group", the London-listed infrastructure investment company managed by InfraRed Capital Partners Limited ("InfraRed" or "the Investment Manager").

Incremental Acquisition

HICL is pleased to announce that it has agreed to acquire the remaining 50% interest in the M17/M18 Gort to Tuam Road PPP in the Republic of Ireland (the "Project") from the Marguerite I Fund. The consideration is €41m and the transaction is expected to complete by the end of September.

The Project is a 28-year road concession to design, finance, construct and maintain a new 57km dual carriageway section of the M17/M18 between Gort and Tuam in County Galway on the west coast of Ireland. The client is Transport Infrastructure Ireland. Construction works were completed in December 2017. The project is operational and receives availability revenue payments, not dependent on usage of the road. HICL acquired an initial 10% interest in the Project at financial close in 2014, and an additional 40% interest in 2019. With completion of this incremental investment, HICL will hold a 100% interest.

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

"We are delighted that HICL is taking full ownership of the M17/M18 road PPP, a project that has improved connectivity between airports in the west of Ireland. The acquisition exemplifies HICL's strategy of increasing its stakes in known, high quality core infrastructure assets that deliver essential services and long-term returns. The investment is expected to be accretive to portfolio yield and will provide further geographical diversification to HICL's exposure to availability-based transportation projects."

-ends-

Enquiries

InfraRed Capital Partners Limited +44 (0) 20 7484 1800 / info@hicl.com

Harry Seekings

Keith Pickard

Edward Hunt

Kirsty MacCallum

Teneo +44 (0) 7342 031051 / HICL@teneo.com

George Hutchinson

Haya Herbert-Burns

Investec Bank plc +44(0) 20 7597 4952

David Yovichic

RBC Capital Markets +44 (0) 20 7653 4000

Darrell Uden

Aztec Financial Services (UK) Limited +44(0) 203 818 0246

Chris Copperwaite

Sarah Felmingham

HICL Infrastructure PLC

HICL Infrastructure PLC ("HICL" or the "Company", and together with its subsidiaries the "Group") 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 over 100 infrastructure investments, HICL is seeking further suitable opportunities, which are positioned at the lower end of the risk spectrum within core infrastructure.

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 190 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 90 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.