15th Jan 2014 11:36
LONDON (Alliance News) - HICL Infrastructure Company Limited Wednesday said it sold its 80% stake in Dorset Police Station and Swindon projects for GBP5.8 million to pay down its revolving credit facility.
The infrastructure investment company also said it has increased its stake in Derby Schools, Newport Schools and Medway Police from 80% to 100% each.
The incremental stakes were acquired from its co-shareholder Vinci Investments Limited and the 80% stake disposals were made to Vinci Pensions Limited, the corporate trustee of the Vinci PLC pension fund
HICL said the transaction values were in line with the current valuation of similar UK social infrastructure projects in its portfolio.
"By rationalising our holdings of specific assets selectively, we are able to enhance value and create efficiencies for the benefit of our shareholders," Chairman, Graham Picken, said in a statement.
"With a healthy pipeline of potential new investment opportunities we are confident that the group can re-invest the net disposal proceeds in a timely manner," he added.
The stock was trading at 137.13 pence Wednesday morning, down 0.27 pence or 0.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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