John Laing Infrastructure Fund acquires portfolio of 11 PFI projects
John Laing Infrastructure Fund Limited (JLIF) has announced the acquisition of a portfolio of 11 operational and yielding assets from Investors in the Community LP (IIC), for c. £123 million.
JLIF said that any cash element of consideration will be funded by JLIF's existing bank facility.
Following the acquisition, the total number of projects in the JLIF portfolio increases to 49, with an approximate aggregate valuation of £697.8 million.
According to JLIF, the Portfolio comprises high quality, robust social infrastructure assets in the Education, Healthcare, Social Housing and Street Lighting sectors. The average remaining contract life of the Portfolio is similar to JLIF's existing portfolio at 20.4 years.
The projects in the Portfolio include:- Leeds Combined Secondary Schools (100% ownership)
- Bexley Schools (100% ownership)
- Bristol BSF (37.5% ownership)
- Peterborough Schools (81% ownership)
- Miles Platting Housing (33% ownership)
- Realise Health LIFT (Colchester) (60% ownership)
- Northampton Mental Health (100% ownership)
- Barnet Lighting (85% ownership)
- Enfield Lighting (85% ownership)
- Lambeth Lighting (85% ownership)
- Redcar and Cleveland Lighting (85% ownership)
According to JLIF, the vendor may elect to receive up to 20 million new ordinary shares in JLIF as part of the consideration at an issue price of 112.128p per share.
The projects are managed by Mill Asset Management Group, one of the largest independent asset and SPV managers of PPP infrastructure projects in the UK, and will continue to be so after completion.
Source: JLIF
