HICL Infra completes the acquisition of Police P3 Project in British Columbia
HICL Infrastructure has closed the acquisition of a 99.9% interest in the Royal Canadian Mounted Police 'E' Division Headquarters P3 project (RCMP) in Surrey, Canada.
The deal, which is the HICL's third investment in Canada, has been closed for a total consideration of CAD54 million (US$41 million). It was funded by way of cash proceeds from the July tap issue.
The project, which was acquired from the InfraRed Infrastructure Fund III, consisted of the design, construction, finance, and ongoing facilities management services and lifecycle refurbishment of a 72,000 m2 RCMP Headquarter office facility building.
Financial close occurred in April 2010 and construction was successfully completed on time in December 2012. Construction was undertaken by Bouygues Building Canada Inc and Bird Design-Build Limited and is now being operated, managed and maintained by Bouygues Energies & Services.
The total construction cost was approximately CAD234 million (US$180.2 million).
Tony Roper, a Director of InfraRed Capital Partners Limited, said:
"We are pleased to have completed the RCMP investment acquisition, including the acquisition of the stake held by the Bouygues Group. We look forward to our continued relationship with the client and to successful ongoing project delivery."
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