2nd May 2014 10:51
LONDON (Alliance News) - John Laing Infrastructure Fund Friday said it is reviewing a number of potential investments as it reported a GBP801.7 million net asset value at the end of March after taking into account the GBP24.9 million in dividends to be paid later this month.
In a statement, the infrastructure fund said the portfolio's underlying growth was 2.0% over the first three months of the year on a rebased valuation of GBP783.6 million.
Actual Portfolio Value increased by GBP3.1 million to GBP799.0 million over the same period, JLIF said.
JLIF said the public-private partnership secondary market in the UK has been "reasonably active" with invitations received to bid for stakes in over 40 assets, while the primary market "seems to be gaining some momentum" having seen five projects reach financial close so far.
John Laing's investment policy is to invest in equity and subordinated debt issued in relation to infrastructure public-private partnership projects. PPPs, as they are known, are partnerships between the public sector and the private sector aimed at delivering public services while minimising financial risk to tax payers. Investors in the area are often attracted by the fact that the infrastructure projects provide government-backed and inflation-linked revenues.
"JLIF's start to 2014 has been one of continued progress with our portfolio growing in line with our expectations. The secondary market remains active with JLIF currently reviewing a number of investment opportunities. We look forward to building on JLIF's solid start to the year and are optimistic about JLIF's prospects for 2014," Chairman Paul Lester said in a statement.
Any further moves would add to the acquisition of the remaining stakes in two assets from Bouygues E&S Infrastructure UK in February, as well as to the acquisition of an additional 16.7% stake in the Miles Platting Social Housing project from Adactus Housing Group Ltd in April.
JLIF shares were Friday quoted at 114.50 pence, up 0.1%.
By Samuel Agini; [email protected]; @samuelagini
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