HICL makes two small PFI investments
Infrastructure investment firm HICL Infrastructure has made two new investments in private finance initiative (PFI) projects.
Infrastructure investment firm HICL Infrastructure has made two new investments in private finance initiative (PFI) projects.
The first purchase sees HICL taking total ownership of the Dorset Fire & Rescue PFI Project with the acquisition of Carden Croft's minority 33.0% equity and loan interest.
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 Poundbury, Dorchester.
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Hard facilities management services are undertaken by Cofely Technical Services (part of the GDF Suez group).
The second acquisition is for a 16.0% equity and loan note interest in the Ealing Care Homes PFI Project, which is being purchased from Galliford Try Investments. The acquisition increased HICL's stake to 84%.
The project is a 32-year concession to design, build, finance, operate and maintain four care homes for the London Borough of Ealing.
The total consideration for the two purchases is £4.9m, funded from HICL's existing cash resources. As is normally the case with HICL's acquisitions, the group said the purchase price is in line with the current valuation of other UK PFI projects within its portfolio.
JH
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