HICL invests in two local improvement companies

Infrastructure investment firm HICL has acquired a 50 per cent equity and 75 per cent loan note interest in Prime LIFT Investments (PLI), a 60 per cent private-sector partner in two LIFT (Local Improvement Finance Trusts) companies, the Birmingham & Solihull LIFTCo and the Staffordshire LIFTCo.

Infrastructure investment firm HICL has acquired a 50 per cent equity and 75 per cent loan note interest in Prime LIFT Investments (PLI), a 60 per cent private-sector partner in two LIFT (Local Improvement Finance Trusts) companies, the Birmingham & Solihull LIFTCo and the Staffordshire LIFTCo.

These two companies have developed 25 new health and social care facilities with a total development cost of approximately £170m over the last eight years.

HICL will work with Prime, along with the public-sector shareholders in the two LIFTCos, to continue to provide the health and social care facilities within the Birmingham & Solihull and Staffordshire areas.

The group has also acquired a further 9% equity and loan note interest in the Connect Project, which is focused on upgrading and operating London Underground's radio and telecommunications systems, giving it a 28.5% interest overall.

The total consideration for the two acquisitions was £33.75m, which was funded from the group's existing cash and debt resources. The acquisitions bring the total number of infrastructure investments within the group's portfolio to 75.

NR

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