HICL Infrastructure Company Limited has executed two new investments in France in projects that are under construction having reached financial close in July 2013 and January 2014 respectively.

• A 85% interest in the University of Bourgogne PPP. The project is a contract to design, construct, finance and maintain four new academic buildings on the Bourgogne university campus, and to refurbish an existing building, with a total gross internal floor area of 7,000sqm. The Group acquired its stake from Pertuy Construction who is undertaking the c.£17 million construction programme over the next two years. Facilities management is contracted to Bouygues Energies & Services which will bear the lifecycle risk during the 25 year operational period.

• A 90% interest in the Troissereux bypass RD901 PPP. The project, with a capital value of €62 million, comprises the design, construction, finance and maintenance of a new 7km dual carriageway bypassing the small town of Troissereux, near Beauvais.  This 22 year PPP contract is structured on an availability basis with payments from the Département de l'Oise. Construction will be jointly undertaken over the next 3 years by Colas Nord-Picardie, Bouygues TP Régions France and DTP Terrassement.  A subsidiary of Colas SA will maintain the carriageway under a fixed-price contract.

The total capital commitment for the two investments is €6.5 million (US$8.9 million) comprised primarily of future loan stock subscription obligations which are contractually payable upon construction completion of each project.

Erwan Fournis, Director, Infrastructure of InfraRed Capital Partners Limited (the company's Investment Adviser) stated:

We are very pleased with our first two investments in France which demonstrate the intention of the Group to develop its activities in this region. These two acquisitions are part of a pipeline of investment opportunities in France being pursued actively by the Group.