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.

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.

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

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Nuclear power might never be popular – but now looks a good time to invest
Commodities

Nuclear power might never be popular – but now looks a good time to invest

Nuclear power gets a very bad press, but it is the ultimate renewable energy source. Interest in it is perking up again, says John Stepek. Which means…
9 Apr 2021
How to find companies that can thrive in the post-Covid world
Advertisement Feature

How to find companies that can thrive in the post-Covid world

Many sectors of the global economy will return to something resembling pre-pandemic status, but others will take far longer to recover.
8 Apr 2021