HICL Infrastructure Company (HICL), an infrastructure investment firm listed on the London Stock Exchange, has paid £10.2 million (€11.9 million; $15.8 million) to increase its stakes in two portfolio assets.
The fund manager has acquired the remaining 50 percent equity interest in the Newton Abbot Community Hospital project in Devon, England.
The project is a 31-year concession, which runs until December 2038, for the construction and operation of a community hospital on behalf the Torbay and Southern Devon Health and Care NHS Trust.
HICL has also acquired a further 5 percent equity and loan note interest in the Connect Project, giving it a 33.5 percent interest overall.
Connect is a 20-year concession running until November 2019 to upgrade and operate London Underground Limited’s (LUL) radio and telecommunications systems. LUL is the operator of the London underground, the rapid transit rail system serving Greater London and some adjoining counties.
In a statement, HICL said the purchases were “in line with the current valuation of other UK PFI [Private Finance Initiative] projects in the group’s portfolio” and had been funded from existing cash and debt resources.
The first infrastructure investor to list on the London Stock Exchange, HICL currently has a portfolio of 89 social and transport infrastructure assets. In July, it spent £107.9 million on stakes in four UK PFI projects.