27th Jan 2014 08:52
LONDON (Alliance News) - HICL Infrastructure Company Ltd Monday said it has acquired a 26% interest in Holdfast Training Services Ltd and a 40% interest in the Sheffield BSF Schools project for a combined GBP23.5 million.
Holdfast, a PPP joint venture with Babcock International Group PLC, supports the Royal School of Military Engineering; it was acquired from a subsidiary of Carillion PLC. The 40% stake in Sheffield BSF Schools was acquired from Vinci Investments Ltd.
"These investments characterise the group's core strategy of investing in social infrastructure projects with public sector clients and with availability-linked revenues," James O'Halloran, investment director of InfraRed Capital Partners Ltd, HICL's investment adviser, said in a statement.
The acquisitions, which were funded through the company's revolving credit facility, leave the HICL with a "current funding requirement" of about GBP23 million and take the number of infrastructure investments in its portfolio to 93.
The company noted that Holdfast is a 30-year concession to design, build, refurbish and maintain 32 new buildings, 21 refurbishments, and five training areas across three UK locations on behalf of the UK Ministry of Defence.
Sheffield BSF is a 27-year PFI concession to design, build, finance, maintain and operate two new secondary schools and one new special educational needs secondary school in Sheffield for Sheffield City Council. The project was signed in July 2007 and has been fully operational since September 2009.
"Sheffield BSF is fully operational and Holdfast is partially operational with potential for some capital growth once the final stages of construction are completed in a year's time," O'Halloran said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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