News / JLIF raises stake in London's Connect Project

JLIF raises stake in London's Connect Project

🕔 August 29, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

John Laing Infrastructure Fund (JLIF), the listed infrastructure investment company, has announced today the acquisition of an additional 5% stake in in LUL Connect (CityLink).

Connect is a 20 year concession which runs until November 2019, to upgrade and operate London Underground Limited's radio and telecommunications systems.

The acquisition, sourced from co-shareholders, which completed on 28 August 2013, takes JLIF's total ownership to 33.5%.

The concession is operated through sub-contractors, Fluor Enterprises, for the provision and installation of new systems and Thales (formerly Racal Services) for operating and maintaining the existing and new systems. Motorola is a third key subcontractor.

HICL Infrastructure also announced today that it has acquired a further 5% equity and loan notes interest in the Connect Project giving the firm a 33.5% interest overall.

Before this acquisition, the total number of projects in the JLIF portfolio was 49, with an approximate aggregate valuation of £697.8 million, according to the company.

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