13th Jun 2016 07:38
LONDON (Alliance News) - HICL Infrastructure Co Ltd on Monday said its joint venture has purchased the remaining 50% interest in the Hinchingbrooke Hospital PFI Project in Cambridgeshire, meaning the JV now owns the entire project.
HICL has a 75% shareholding in its joint venture HoldCo, which it set up with Kajima Partnerships Ltd. HICL said HoldCo had previously owned 50% of the Hinchingbrooke project, but, on Monday, said HoldCo purchased the remaining 50% interest.
Following the transaction, HICL holds a 75% interest in the Hinchinhbrooke project.
The infrastructure investment company said the project is a 31-year concession which involves the design, construction, financing, maintenance and operation of a diagnostic and treatment centre. The centre is a two storey, 8,500 square metre building, located next to the Hinchingbrooke District General Hospital, and became fully operational in October, 2005.
HICL said the total consideration it has paid for the 75% interest is GBP5.3 million, which is in line with the current valuation of similar UK social infrastructure projects within its portfolio.
Funding for the transaction was from cash resources, HICL said.
The provision of soft and hard facilities management services for the project is being undertaken by services group Kier Facilities Services Ltd under a concession life contract, HICL said.
Shares in HICL were down 0.1% at 167.62 pence on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
HICL Infrastructure