11th Apr 2013 07:00
11 April 2013
John Laing Infrastructure Fund Limited (the "Company" or "JLIF")
JLIF announces completed acquisition
JLIF is pleased to announce the acquisition of a 30% stake in Peterborough Hospital, its second acquisition of the year. The stake was acquired from Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN) for a total consideration of £26.7 million. Peterborough Hospital has been fully operational since 2010 and has a long concession period to 2042, which will extend the average life of JLIF's portfolio from 19.6 years (as at 31 December 2012) to 20.1 years. The consideration paid by JLIF is in line with the current valuation methodology for similar UK health PPP projects in JLIF's portfolio and, following this acquisition, the portfolio will comprise 38 assets. The acquisition increases the number of health sector investments worldwide to ten and is reflective of the company's confidence in the sector.
David Marshall from John Laing Capital Management, Fund Manager to JLIF, said:
"We are delighted to announce the acquisition of the stake in Peterborough Hospital, which is a high quality operational project. We look forward to working with our public sector partners to operate this project in an efficient manner. The acquisition reflects the increasing number of investments in the JLIF portfolio sourced from non-John Laing vendors in the secondary market. JLIF has now acquired 11 such investments with a combined valuation of approximately £95 million and we remain confident of finding further such investment opportunities in the future."
Contacts:
JLIF Investment Adviser Tel: 020 7901 3326
David Marshall
Andrew Charlesworth
RLM Finsbury Tel: 020 7251 3801
Faeth Birch
Philip Walters
Notes to Editors
John Laing Infrastructure Fund Limited ("JLIF") is a FTSE 250 company with a Primary Listing on the London Stock Exchange. JLIF is a Guernsey registered closed-end investment company that has raised over £520 million in the equity market, taking its market capitalisation to in excess of £575 million. JLIF has paid its target dividend of 6% in its first two years and has created total shareholder return from launch to the end of December 2012 of 17.8%. JLIF has a portfolio of 38 low risk, operational, PPP infrastructure projects located in the UK, Continental Europe and North America.
Related Shares:
John Laing Infrastructure Fund