30th Apr 2018 09:49
LONDON (Alliance News) - HICL Infrastructure Co Ltd said Monday it agreed to sell its interest in a UK school public-private project for GBP56.2 million to an unnamed buyer.
HICL will sell its 100% equity and debt interest in the Highland Schools PPP2 project in Scotland for GBP56.2 million, representing a GBP9.7 million premium to the GBP46.5 million valuation placed on the asset at the end of September.
Harry Seekings, director at HICL's investment manager InfraRed Capital partners Ltd, said: "The disposal of HICL's investment in Highland Schools PPP2 is a tangible example of the company's business model in action. The board and InfraRed seek opportunities to enhance value in the existing portfolio and this includes optimising portfolio performance through accretive disposals.
"Finding additional value for HICL shareholders is a priority for both the board and InfraRed and, in this case, we have received an offer in excess of the value that could be achieved by retaining the investment within the portfolio," Seekings explained. "The profit generated supports the Directors' approach to the valuation of HICL's portfolio and the steadfast approach taken to enhancing shareholder value."
Shares in HICL were 1.1% higher at 146.00 pence on Monday.
Related Shares:
HICL Infrastructure