John Laing Infrastructure Fund Limited (JLIF) has recently announced that it has acquired a 100% interest in the British Transport Police PPP project and entered into an agreement to purchase a 95% interest in the Oldham Social Housing project.

The Oldham Social Housing public private partnership project transforms the four neighbourhoods of Crossley, Fitton Hill, Westwood and Primrose Bank into diverse and attractive residential areas.

The British Transport Police PPP project involves a 23 year contract to design, build, finance and operate two new police stations and to manage and maintain five others.

Both projects are fully operational, availability-based social infrastructure PPP assets located in the UK and are being acquired under agreements already reached with John Laing Group, when a 45.83% stake of the interest in the British Transport Police project was acquired from John Laing Pension Trust.

The combined consideration for both assets is approximately £22 million (US$31 million). The acquisition forms part of the approximately £150 million (US$213 million) of assets on which JLIF is in advanced discussions, and it was referred to in the trading update and placing announcements made on Thursday 25 February. 

The consideration will be funded by drawing on JLIF's £180 million multi-currency revolving credit facility which, prior to these acquisitions, was drawn by £84.5 million.

The discount rate applied for the valuation of these two projects was within the range used for the valuation of JLIF's portfolio as at 31 December 2015, as published in the trading update on 25 February 2016.

Completion of the acquisition of the Oldham Social Housing project is expected in the coming weeks, subject to the satisfaction of certain conditions.