HICL Infrastructure acquires extra stake in school project

HICL Infrastructure Company has acquired the remaining 50 per cent interest in joint venture West Lothian Schools private finance initiative (PFI) project from HOCHTIEF PPP Solutions.

The project, which the infrastructure investment company owns with Kajima Partnerships, is a 32-year concession to design, build and maintain two new secondary schools in Scotland - the Armadale Academy in Armadale and the Deans Community High School in Livingston.

The construction cost for the two schools is about £60m.

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HICL paid a total consideration of £6.2m for the additional interest, in line with the current valuation of other UK PFI projects in the group's portfolio.

The firm's debt facility will be used to fund the acquisition,

HICL also announced that the 140,000,000 new ordinary shares issued in connection with the company's placing, open offer and offer for subscription have been admitted to the official list of the UK Listing Authority and to trading on the premium segment of the Main Market of the London Stock Exchange.

RD