United Kingdom : HICL Infrastructure Company Limited : Completion of Acquisition.
HICL Infrastructure Company Limited ("HICL" or the "Company"), the listed infrastructure investment company advised by InfraRed Capital Partners Limited ("InfraRed"), is pleased to announce that it has completed the acquisition of an equity interest in the entities that comprise High Speed 1 ("HS1"). The details of the transaction were announced by the Company on 14 July 2017.
HICL has also successfully finalised co-investment in relation to HS1. In line with the Company's previously announced intention, a group of InfraRed-managed minority co-investors, comprising Korean institutional investors and UK local authority pension funds, have invested approximately 120 million. HICL's own share of the consideration for the HS1 acquisition amounts to 196 million. With co-investment now finalised, HICL has a 21.8 per cent equity interest in HS1 and a net funding requirement of approximately 140 million.
Harry Seekings, Director Infrastructure at InfraRed Capital Partners Limited, said: "InfraRed is delighted to have completed the HS1 acquisition on behalf of HICL and we welcome the co-investors into the Project. Through co-investment, we are able to develop key relationships with strategically aligned partners in order to facilitate access to larger opportunities for HICL. This approach allows HICL to manage its portfolio exposure and maintain prudent and responsible portfolio construction for its shareholders.
"The HICL portfolio continues to be well diversified. HICL's 10 largest investments, which represent c. 45% of the portfolio by value, are spread across HICL's target market segments, geographies and sectors, with c. 16% of portfolio value currently invested in demand-based assets with returns correlated to economic cycle."
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