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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to