John Laing Infra fund raises 242 million and acquires 3 PPP projects
Listed infrastructure fund, John Laing Infrastructure Fund (JLIF), has closed the largest raise of new equity since its launch. The company has issued 218,291,103 new shares, at a price representing a 6.3% premium to JLIF's Net Asset Value, raising £242.3 million. The issue was oversubscribed.
The proceeds of the issue will be used to repay debt drawn and to acquire a new portfolio of three PPP projects for £103 million.
Commenting on today's announcement, Paul Lester, Chairman of JLIF, said:
"We are delighted to have once again received strong demand for our fund raise. Today's proceeds of £242.3 million represent the largest raising of new capital that JLIF has completed, and reflects the ongoing success of our low risk, predictable yield model, as well as the continued popularity of the listed infrastructure sector as an asset class. As part of our stated strategy, the proceeds raised will be used to repay our existing debt facility, and to acquire a portfolio of three high quality operational assets from the John Laing Group."
On 6 September 2013, JLIF had announced details of a proposed issue.The three projects acquired from the John Laing Group include:
- i) A 75%1 shareholding in North Staffordshire Hospital, England
- ii) A 40% shareholding in Barnsley BSF, England; and
- iii) A 50% shareholding in Kelowna and Vernon Hospital, Canada.
JLIF said that the three projects are operational and aligned to the characteristics of JLIF's existing portfolio.
Country news
-
-
October 04, 2013
Transcanada acquires two solar power projects
TransCanada Corporation announced Wednesday it has acquired two additional Ontario solar power plants from Canadian Solar Solutions Inc. - the Brockville 2 and Burritts Rapids projects. This deal follows the previously announced purchase of Brockville 1 as part of an agreement made in 2011 to acquire nine solar power facilities from Canadian Solar Solutions. Read more -
October 04, 2013
Bastion Infrastructure appoints Kevin Kerr as a Partner on the Investment team
Bastion Infrastructure Group Inc. has announced the appointment of Kevin Kerr as a Partner on the Investment team. He will be based in Toronto, Canada. Read more -
October 08, 2013
Ontario selects preferred bidder for Providence Care hospital DBFM
Infrastructure Ontario and Providence Care have selected Integrated Team Solutions as the preferred bidder to design, build, finance and maintain Providence Care Hospital. Read more -
October 08, 2013
Brookfield Infrastructure appoints new CFO
Brookfield Infrastructure announced in late September the appointment of Bahir Manios as Chief Financial Officer of Brookfield Infrastructure. Bahir succeeds John Stinebaugh, who will be taking on another role at Brookfield. Read more -
October 10, 2013
Fiera Axium and MetLife acquire 108 MWp solar PV portfolio from Recurrent Energy
Fiera Axium Infrastructure Canada II L.P. announced on Tuesday that they have entered into an agreement together with Metropolitan Life Insurance Company (MetLife) to acquire an equity interest in a portfolio of ground-mounted solar photovoltaic (PV) projects from Recurrent Energy, a leading North American solar project developer. Read more
