HSBC Infrastructure Company (HCIL), a UK-listed infrastructure investor, has completed the acquisition of an additional investment in the UK’s Oxford John Radcliffe (OJR) Hospital project, the fund has announced.
HICL has acquired a further 39.9 percent equity interest and a 50 percent loan note interest in OJR for a total of £13.9 million (€15.7 million; $22 million).
The fund said it has also completed the incremental acquisition of a 15 percent equity interest and a 25.1 percent loan note interest in the Queen Alexandra Hospital for a total of £13.4 million, announced earlier this week.
The deals increase HICL’s equity interest in each of these projects to 89.9 percent and its loan note interest to 100 percent for a total of £27.3 million, funded from the company’s existing debt facility, HCIL stated.
HCIL has also informed that it plans to issue C shares by way of a placement, open offer, and offer for subscription, with trading to begin in mid-December. The company is currently seeking approval from its shareholders ahead of the issue, HICL stated.
Earlier this month, HCIL acquired stakes in two UK project finance initiative (PFI) contracts and in two Canadian public-private partnership projects from subsidiaries of Bilfinger Berger for £65.9 million.
HICL is a listed long-term investor in infrastructure projects that are in the operating phase and yielding steady returns. Following completion of its £65.9 million acquisition, the company will own a portfolio of 38 infrastructure projects, 35 of which will be operational.