HICL Infrastructure Company Limited, an infrastructure investment company, has announced the completion of the acquisition of a portfolio of six operational education PPPs in UK from HOCHTIEF PPP Solutions GmbH. 

The total consideration paid was £22.7 million (US$28.9 million). The conditional acquisition was announced on the 16 November 2016 as part of the Company's Interim Results for the six months ended 30 September 2016.

The portfolio comprises four new and two incremental investments:

• a 20.4% interest in Bangor and Nendrum Schools;
• a 25.5% interest in Salford Schools;
• a 25.5% interest in East Ayrshire Schools;
• a 25.5% interest in North Ayrshire Schools; and
• incremental interests of 25.5% each in both Manchester School and Cork School of Music, which brings the total interests for HICL Group in these two projects to 75.5%.

The consideration paid for the portfolio was funded from existing cash resources. The company currently has a funding surplus of approximately £11 million (US$14 million).

InfraRed Capital Partners Limited advised HICL in the acquisition.

In November, we reported the sale of HOCHTIEF PPP Solutions GmbH’s 50% interest in the Alberta Schools Alternative Procurement III (ASAP III) to Concert Infrastructure. Delivery of the ASAP III project included responsibility for designing, building, financing and maintaining 12 schools in eight communities across Alberta. Combined, the schools encompass approximately 710,000 square feet with capacity for up to 7,700 students.