HICL sells stake in PFI project

published 19 November 2012

HICL Infrastructure Company has sold its 50 per cent equity and loan note interest in Doncaster Schools PFI (private finance initiative) project to Vinci Pensions, an affiliate of the co-shareholder Vinci.

The group will earn £5.3m from the sale, which represents a small profit on the acquisition price in December 2011. The disposal follows a review to evaluate the possible opportunities for portfolio rationalisation.

Graham Picken, Chairman of the company said: "With a growing portfolio of investments, some of which have been acquired as part of multi-asset transactions, as in the case of Doncaster Schools, the company will from time to time divest certain projects in order to optimise portfolio performance."