HICL adds healthcare facility

The UK-listed infrastructure investment firm has acquired a primary care Private Finance Initiative project in north-west England through a holding company joint venture with Kajima Partnerships. The project became operational three years ago.

HICL Infrastructure Company (HICL), the London Stock Exchange-listed infrastructure investment firm, has spent £2.9 million (€3.7 million; $4.5 million) on the acquisition of a primary healthcare facility in the north-west of England.

The acquisition has been made through a joint venture holding company with Kajima Partnerships, a UK unit of Japanese construction firm Kajima Corporation, in which HICL holds a 75 percent stake.

The primary care facility was built through a £19 million Private Finance Initiative (PFI) project and became operational in 2009. The facility offers a range of services including diagnostics, a general practitioner (GP) practice, children’s services, a physiotherapy and mental health unit and a community café.

HICL said the acquisition was “in line with the current valuation of similar UK PFI projects” in the group’s portfolio, was funded from current cash resources, and brings the number of infrastructure investments in its portfolio to 73.

In March this year, HICL raised £250 million in an equity capital raising. This fundraising amount was increased from a planned £180 million due to what it described as strong investor demand.

HICL is advised by InfraRed Capital Partners, which spun out from HSBC in April last year and closed an oversubscribed $1.2 billion fund focusing on greenfield infrastructure in October last year.