17th May 2016 07:04
LONDON (Alliance News) - John Laing Infrastructure Fund Ltd Tuesday said the value of its investment portfolio has increased since the end of last year, mainly driven by further acquisitions, and said it will continue to deliver its pipeline of opportunities.
The investment company focused on infrastructure opportunities said the value of its investment portfolio underwent experienced underlying growth of 1.7% over the first three months of 2016 to GBP973.5 million from the GBP867.8 million valuation at the end of 2015.
The rise in value was mainly driven by GBP87.7 million worth of acquisitions, with GBP14.9 million worth of value growth coming from foreign exchange rate movements. The value of the portfolio at the end of 2015 was then rebased to GBP957.2 million.
Overall, that means the portfolio value has grown by 1.7% to GBP973.5 million at the end of March once the rebased value has been taken into account. Overall growth since the end of last year was equal to 12.2%.
The net asset value at the end of March stood at GBP1.00 billion and the NAV per share was 108.3 pence.
"The Board is pleased with the performance of the Portfolio over the first quarter of 2016. JLIF continues to grow, including through acquisitions, with our first investment in Spain completed in January. We remain selective in pursuing deals that represent good value to shareholders," said Chairman Paul Lester.
"There remains a strong pipeline of assets in which JLIF remains in advanced discussions with a number of vendors across several geographies. The portfolio continues to perform well and we hope to grow this further in the future," added Andrew Charlesworth, investment adviser to the company.
Shares in John Laing were up 0.7% at 123.71 pence shortly after market open Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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