HICL dives further into Poole

Infrastructure investment firm HICL Infrastructure has acquired majority control of the Dorset Fire & Rescue project after doing a deal with Morgan Sindall Investments.

HICL has bought an additional 33.5% equity and loan note interest in the project from Morgan Sindall Investments, bringing the group's total interest in the project to 67%.

The total consideration paid by the group was £3.8m, which is in line with the current valuation of similar UK private finance initiatives projects in the group's portfolio.

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The acquisition was funded from the group's existing cash and debt resources.

The project is a 27-year concession to design, build, finance and maintain a combined Police and Emergency Services Headquarters building in Poole, a Fire Station in Poole and a Fire Station and Fire Services headquarters building in Dorchester.

The share price fell 0.33% to 119.5p by 08:23.

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