JLIF puts more of its money to work

Following a recent £131m fundraising, the UK listed infrastructure fund has spent a further £18m on three assets, having already spent £49m on a couple of transport assets a week ago.

The John Laing Infrastructure Fund (JLIF), a London-listed investment vehicle sponsored by developer John Laing, has spent £18.2 million (€21.3 million; $28.8 million) on two new assets and an increased stake in an existing holding.

The vehicle has acquired: an additional 20 percent stake in Abbotsford Regional Hospital and Care Centre in Canada, taking its holding to 100 percent; a new 20 percent stake in Scotland’s Edinburgh Schools, with 10 percent acquired from John Laing Group and 10 percent from John Laing Pension Trust; and a new 100 percent stake in Highland Schools in north London.

The latest deals are part of a nine-asset package that JLIF said it would acquire from its developer sponsor when it recently raised £131 million from the market. Last week, it spent close to £49 million of this total on Scotland’s M6 motorway and the LUL Connect (CityLink) project, a radio communications system for the London underground train system.

In a statement today, JLIF said it would use the remainder of its funds raised to acquire five further assets – which have already been identified – and repay debt associated with its acquisition of a 50 percent stake in Scotland’s Forth Valley Royal Hospital.

The recent fundraising, while slightly short of its £155 million target, has still allowed JLIF to increase in size by just under 50 percent to £428 million. That will make the fund eligible for the FTSE UK 250 Index – an index of the 250 largest listed companies in the UK – at the FTSE’s quarterly review meeting in early December, JLIF said in a statement.