News / JLIF to raise up to 50m to acquire new projects

JLIF to raise up to 50m to acquire new projects

🕔 September 12, 2014
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

JLIF, the FTSE 250 international PPP infrastructure investment company, announced on 11 September 2014 a placing of up to £50 million (US$81 million) of new ordinary shares. 

The majority of the proceeds of the placing will be used to acquire three PFI/PPP projects from the John Laing Group and a stake in one of the projects from the John Laing Pension Trust.

The John Laing Pension Trust is being purchased for approximately £39 million, which is comparable with the current valuations of similar PFI/PPP projects in the company's existing portfolio, and comprises:

  • 50% shareholding in the South East London Police Stations project which comprises four South East London Police Stations located in Lewisham, Sutton, Bromley and Deptford;
  • 40% shareholding in the Groningen Tax Office project based in Holland which operates the Information Management and Tax Authority Office and associated car parking facilities in Groningen; and
  • 100% shareholding in the North Birmingham Mental Health project, which comprises seven specialist mental healthcare facilities.

The three projects are fully operational, with contracted government-backed revenue streams, linked to inflation, and a weighted average life of 17.1 years from the date of acquisition.

The valuation of the New Portfolio was derived by discounting the future cash flows from the underlying asset financial models using a discount rate on a basis comparable with current valuations of similar PFI/PPP projects in the company's existing portfolio.

According to the firm, JLIF will continue to evaluate acquisition opportunities from tther vendors and expects to make further acquisitions in the future.

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