HICL makes £19m acqusition

Infrastructure investor HICL Infrastructure Company has acquired a new investment and bought an additional stake in an existing project for a total consideration of £19m.

The firm has acquired a 75% interest in the Sir Robert Hadfield Wing PFI Project, a three-year undertaking to design, build and maintain a 168-bed after-care facility at the Northern General Hospital in Sheffield.

The group has also completed the acquisition of an incremental 50% equity and loan note interest in the Blackburn Hospital project, adding to its existing 50% holding, which it has held since 2006.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

The acquisitions, which were funded from the group's existing cash and debt resources, bring the number of incremental acquisitions undertaken by the company since launch to 22 and the number of project subsidiaries to 15.

The firm said the total consideration paid for these investments is in line with the current valuation of similar UK PFI projects in the group's portfolio.

The share price fell 0.34% to 118.3p by 14:06.

NR