7th Nov 2019 10:40
(Alliance News) - FTSE 250-listed HICL Infrastructure PLC on Thursday said it has agreed to divest its entire equity and subordinated debt interests in two UK public-private partnership projects in order to make new investments.
The London-based investment company said the Health & Safety Laboratory in Buxton and the South West Acute Hospital in Enniskillen will be sold for GBP52 million in total before the end of 2019. It didn't say to whom it was selling the two projects.
The project disposals are expected to enhance HICL's key portfolio metrics and deliver "significant" value to its shareholders, it said.
HICL said it expects to redeploy the proceeds into accretive investments.
"Over the past 18 months, we have used selective disposals to crystallise value for HICL's shareholders, recycling almost 7% of portfolio value into more attractive investments. Both the board and InfraRed continue to seek opportunities to deliver value for shareholders, positioning the company for future acquisitions that will further enhance the portfolio," said Harry Seekings, co-head of Infrastructure at InfraRed Capital Partners Ltd.
InfraRed is an investment manager of HICL.
The stock was trading 0.2% lower in London on Thursday at 172.94 pence a share.
By Evelina Grecenko; [email protected]
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