11th Nov 2013 10:04
LONDON (Alliance News) - John Laing Infrastructure Fund PLC Monday said the value of its portfolio has increased to GBP701.9 million on September 30, from GBP537.4 million nine months previously, primarily due to acquisitions.
Net asset value rose to GBP573.0 million, compared with GBP542.1 million in May, as reported in John Laing's half-year statement. The net asset value is equal to total assets, including portfolio value, minus liabilities of the JLIF Investment Group.
In an interim management statement for the period July 1 to November 11, the infrastructure investment company said its portfolio performed well, even when excluding acquisitions, with "good underlying growth" of 5.8% for the nine month period ended September 30.
In August, the company acquired public-private partnership assets from Investors in the Community LP for GBP123 million. The portfolio consists of social infrastructure projects in the education, healthcare, social housing and street lighting sectors.
In September, the company also bought three other assets for GBP102.9 million. These included educational facilities development Barnsley BSF, North Staffordshire Hospital and Kelowna & Vernon Hospitals in Canada.
John Laing said it has utilised its GBP150 million revolving credit facility on several occasions throughout 2013 for acquisitions.
Looking ahead, the company said it will continue to identify investment opportunities , while it expects several portfolios to come to market over the next few years.
The stock was trading at 115.86 pence Monday morning, down 0.14 pence or 0.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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