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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
