HICL Infrastructure Regulatory News (HICL)

18 February 2019

HICL Infrastructure Company Limited

Incremental Acquisition

HICL Infrastructure Company Limited ("HICL" or the "Company"), the listed infrastructure investment company advised by InfraRed Capital Partners Limited ("InfraRed"), is pleased to announce that it has agreed to acquire a further 40% interest in the N17/N18 Gort to Tuam PPP Scheme (the "Project"). The consideration is €23m and the transaction is expected to complete by the end of February.

The Project is a 28-year availability road concession to design, finance, construct and maintain a new 57km dual carriageway section of the N17/N18 between Gort and Tuam in County Galway on the west coast of Ireland for Transport Infrastructure Ireland. Construction works were completed in December 2017 and the project is operational. At financial close in 2014, HICL acquired an initial 10% interest in the Project and entered a commitment to acquire a further 32% interest. With completion of this incremental investment, which fulfils the commitment made in 2014, HICL will hold a 50% interest in the Project.

The consideration for this incremental investment will be funded from HICL's Revolving Credit Facility. 

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

"We are delighted to be making a further investment in the N17/N18 project. This acquisition will be accretive to the existing portfolio in terms of total return and yield metrics. It exemplifies InfraRed's ongoing strategy of seeking opportunities to optimise HICL's investment portfolio."

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Enquiries

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

Harry SeekingsKeith Pickard

Tulchan Communications +44 (0) 20 7353 4200

Toby Bates

Sheebani Chothani

Canaccord Genuity Limited +44 (0) 20 7523 8000

David Yovichic

HICL Infrastructure Company Limited

HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "HICL 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 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 Adviser (InfraRed Capital Partners)

The Investment Adviser 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 140 professionals it manages in excess of US$10bn 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 75 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.