HICL makes two PFI acquisitions in the UK

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HICL makes two PFI acquisitions in the UK

HICL Infrastructure has announced the acquisition of a 26% interest in Holdfast Training Services Limited, a PPP joint venture with Babcock International Group PLC that supports the Royal School of Military Engineering, from a subsidiary of Carillion plc and the acquisition of a 40% interest in the Sheffield BSF Schools project from Vinci Investments Limited.

The consideration paid by HICL for the investments was approximately £23.5 million (US$38.8 million) in aggregate.

Holdfast Training Services Limited is a 30-year concession to design, build, refurbish and maintain 32 new buildings, 21 refurbishments and five training areas across three UK locations on behalf of the UK Ministry of Defence. The project was signed in August 2008 and is nearing the end of a seven year phased construction programme, undertaken by Carillion Construction, which is expected to complete in early 2015.

Sheffield BSF Schools is a 27-year PFI concession to design, build, finance, maintain and operate two new secondary schools and one new special educational needs secondary school in Sheffield for Sheffield City Council. The project was signed in July 2007 and has been fully operational since September 2009, with construction having been undertaken by a subsidiary of Vinci Construction UK.

The acquisitions, which were funded by way of drawings under the HICL's revolving credit facility, leave HICL with a current funding requirement of around £23 million (US$38 million) and take the number of infrastructure investments in the firm's portfolio to 93.

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