5th May 2016 07:36
LONDON (Alliance News) - John Laing Infrastructure Fund Ltd said it has entered into an agreement with construction services company Acsa, Obras e Infraestructuras SAU to increase its stake in the Barcelona Metro Stations Line 9 project.
The environmental infrastructure investor said under the agreement with Acsa, which is part of the business group Sorigue, it will acquire a further 13.5% interest in the the Barcelona Metro Stations Line 9 Section II project, on top of its existing 40%.
The project is for the extension of the metro service in Barcelona, which, on completion, will make theline 9 route the longest in Europe.
John Laing said it has also agreed to purchase a 13.5% interest in the Barcelona Metro Stations Line 9 Section IV project which runs further north to Section II.
In total, the consideration for the two investments is around GBP50.0 million, and is to be funded through John Laing's currently undrawn GBP180.0 million multi-currency revolving credit facility.
John Laing said these acquisitions consolidate its entry into the public private partnership market and increase the total number of assets in its portfolio to 60.
"John Laing is pleased to have furthered its presence in the Spanish market and to have done so via an exclusive process based on a relationship with a co-shareholder. We would like to thank Acsa for their efforts in reaching this agreement and for ensuring that the transaction completed in an efficient manner," said Andrew Charlesworth from John Laing Capital Management, John Laing Infrastructure's investment advisor.
Shares in John Laing were down 0.2% at 125.30 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
John Laing Infrastructure Fund