John Laing Infra fund raises 242 million and acquires 3 PPP projects
- Barnsley Building Schools for the Future (BSF)
- North Staffordshire Hospital PFI
- Kelowna & Vernon Hospitals PPP project
Related M&A Transactions
- John Laing infra fund acquires a PPP project in Canada
- John Laing infra fund acquires 2 PPP projects in England
Listed infrastructure fund, John Laing Infrastructure Fund (JLIF), has closed the largest raise of new equity since its launch. The company has issued 218,291,103 new shares, at a price representing a 6.3% premium to JLIF's Net Asset Value, raising £242.3 million. The issue was oversubscribed.
The proceeds of the issue will be used to repay debt drawn and to acquire a new portfolio of three PPP projects for £103 million.
Commenting on today's announcement, Paul Lester, Chairman of JLIF, said:
"We are delighted to have once again received strong demand for our fund raise. Today's proceeds of £242.3 million represent the largest raising of new capital that JLIF has completed, and reflects the ongoing success of our low risk, predictable yield model, as well as the continued popularity of the listed infrastructure sector as an asset class. As part of our stated strategy, the proceeds raised will be used to repay our existing debt facility, and to acquire a portfolio of three high quality operational assets from the John Laing Group."
On 6 September 2013, JLIF had announced details of a proposed issue.The three projects acquired from the John Laing Group include:
- i) A 75%1 shareholding in North Staffordshire Hospital, England
- ii) A 40% shareholding in Barnsley BSF, England; and
- iii) A 50% shareholding in Kelowna and Vernon Hospital, Canada.
JLIF said that the three projects are operational and aligned to the characteristics of JLIF's existing portfolio.