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.
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 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
