HICL Infrastructure Regulatory News (HICL)

11 June 2018

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 7.2% interest in the A63 Motorway concession (the "Project") in France for €62m from funds managed by DIF Infrastructure III and DIF Infrastructure IV. The acquisition is not subject to any further conditions and will complete by the end of this month.

The Project is a 40-year toll-road concession to design, upgrade, finance, operate and maintain a 104km section of the existing A63 between Salles and Saint-Geours-de-Maremne, in southwest France. Financial close occurred in 2010 and the upgraded road opened in 2013. HICL acquired an initial 13.8% interest in the Project in January 2017 and, with completion of this incremental investment, will hold a 21% interest in the Project.

The consideration is in line with the carrying value of HICL's existing investment in the Project as at 31 March 2018. It will be funded from the proceeds of the disposal of the Highland Schools PPP2 Project, which was announced in April 2018. The acquisition exemplifies an ongoing strategy of portfolio optimisation for the Company. It is accretive to the existing portfolio, particularly in terms of total return and cashflow longevity. 

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Enquiries

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

Harry SeekingsKeith Pickard

Tulchan Communications +44 (0) 20 7353 4200

Latika Shah

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 118 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 130 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 approximately 70 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.