HSBC Infrastructure ups stake in Manchester Police PFI

The UK-listed infrastructure fund will now own 72.92% of the project, which which delivered 16 new police facilities in and around the Greater Manchester Area under the UK’s private finance initiative programme.

HSBC Infrastructure Company Limited, the UK-listed infrastructure investment arm of investment bank HSBC, has acquired an additional interest in one of its social infrastructure projects in the UK.

The firm said it has completed the purchase of another 22.92 percent in the Greater Manchester Police Authority project, which delivered 16 new police facilities in and around the Greater Manchester Area under the UK’s private finance initiative programme.

HSBC Infrastructure will now own 72.92 percent of the PFI.

The project reached financial close in December 2002 and an original capital value o f £98 million, according to PartnershipsUK, the government’s implementation body for PFIs.

HSBC Infrastructure has been busy of late buying additional stakes in the PFI projects already in its portfolio. The Manchester deal, together with the Metropolitan Police Training Facilities project and the Durham and Cleveland Firearms Training project, brings to 15 the number of such incremental deals undertaken by HSBC Infrastructure since its launch in 2006.

The company, which primarily focuses on PFI projects, recently unveiled an 89 percent jump in its half-year profit over the prior corresponding period. For the six months ended September 30 2009, the listed infrastructure fund earned a pre-tax profit of £8.5 million (€9.4 million; $14 million), up from £4.5 million in the same period of 2008.