8th Nov 2021 09:41
(Alliance News) - London-based investment firm HICL Infrastructure PLC on Monday said it has acquired, indirectly, a 33% interest in Road Management Group for up to GBP34.4 million.
HICL Infrastructure said this investment will be funded by its revolving credit facility. The stake in Road Management Group was acquired from Barcelona-based toll road management firm Abertis Infraestructuras SA.
Road Management Group comprises two UK shadow toll roads, the A417/A419 Swindon-Gloucester and the A1(M) Alconbury-Peterborough. The client of both projects is National Highways and operation and maintenance of both roads is undertaken by Ringway Ltd, a subsidiary of Paris-based construction company Vinci SA.
"We are delighted to be acquiring a stake in two high quality UK road projects which provide critical transport links to their respective communities," said HICL Infrastructure investment manager InfraRed Capital Partners Ltd Director Edward Hunt.
"Both projects have predictable revenues, have been acquired on an ungeared basis and are expected to be accretive to portfolio yield and total return," added Hunt.
FTSE 250-listed HICL Infrastructure shares were trading flat in London on Monday morning at 171.40 pence each.
By Evelina Grecenko; [email protected]
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