DIF Infrastructure III completed the purchase from Kier of a 50% shareholding in the North Kent Police Station PFI project. The project has an operational track record of 5 years and a remaining concession life of 23 years.
The project involves the ownership and provision of headquarters and custody buildings to the North Kent Police, located on an existing recreation ground at Thames Way, near Gravesend. The facility consists of a four storey office building and a two storey building housing additional offices, a ground floor 40-cell custody suite and a first floor plant room.
The estimated project cost was £26 million. The financing is secured through a long term loan provided by the Bank of Scotland.
The facility is operated and maintained by Tascor Services Ltd., a trading division of Capita Group PLC.
DIF Infrastructure III was launched in January 2012. The fund held a first close in May 2012 and realised a final closing March 2013. The committed capital is € 800 million, which substantially exceeded the target of € 600 million.
The fund invests in PPP/PFI/P3 projects, renewable energy projects and other core infrastructure assets with a similar characteristics and risk/return profile in Europe and North America that provide long-term stable cash-flows with minimal commercial risk.