5th May 2020 10:07
(Alliance News) - Infrastructure projects investor John Laing Group PLC on Tuesday said it has sold its 30% interest in Auckland South Corrections Facility to AMP Capital for a price in-line with the asset's latest valuation.
John Laing Chief Financial Officer Luciana Germinario said: "We are proud to have worked with the New Zealand government on this flagship project to use public-private partnerships to drive measurable social change. Following recent disposals in the US and France, we are pleased to have made further progress with our divestment programme.
"We have a strong pipeline of high-quality assets becoming available for sale over the next 12 months, including Intercity Express Programme East and our Australian wind and solar portfolio. While the impact of recent events on secondary markets remains to be seen, our strong balance sheet gives us flexibility and leaves us well positioned to maximise value".
The company's projects have been relatively unaffected by the Covid-19 pandemic, with only two of its 16 projects in its primary portfolio experiencing complete site closure, with both of these scheduled to reopen soon.
Its largest asset - the East Coast main line fleet of trains for the UK Intercity Express Programme, remains on track with 53 out of 65 trains having achieved qualified acceptance. Its secondary portfolio comprising of operating assets, as well as wind and solar projects, also remains well-positioned.
John Laing shares were up 1.7% at 363.83 pence each in London on Tuesday morning.
By Tapan Panchal; [email protected]
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