HICL Infrastructure Company Limited has acquired from Hochtief AG further equity interests in two of its UK Building Schools for the Future (BSF) projects.

The £16 million (US$23.5 million) deal includes:

• a 40% interest in the Salford & Wigan phase 1 (S&W Phase 1) and
• a 40% interest in the Salford & Wigan phase 2 (S&W Phase 2)

HICL, which is the listed infrastructure investment company advised by InfraRed Capital Partners Limited, now holds an 80% interest in each project.

S&W Phase 1 and S&W Phase 2 are 26-year and 27-year PFI concessions, respectively, to design, build, finance, maintain and operate five new secondary schools in Salford and Wigan, Greater Manchester on behalf of Salford City Council and Wigan Borough Council.

S&W Phase 1 was signed in 2010 and has been fully operational since 2011, while S&W Phase 2 was signed in 2011 and has been fully operational since 2013.

Construction of both projects was undertaken by Laing O'Rourke Construction. The provision of hard and soft FM services, including catering, are undertaken by SPIE Facility Services Limited, a subsidiary of SPIE SA Group.

HICL has a current portfolio of 101 social and transportation infrastructure investments with predominantly availability-based income streams. The firm was the first infrastructure investment company to be listed on the London Stock Exchange.