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John Laing Environmental Assets Group (JLEN) has announced it has completed the acquisition of 100% of the initial portfolio foreseen in its March capital raising and IPO. As a result, the company is now fully invested in a diversified portfolio of seven operational UK based solar, onshore wind, waste processing and wastewater projects.
JLEN is targeting aggregate returns to investors from the initial portfolio that equate to a net IRR of between 7.5% and 8.5% (net of fees and expenses) on the issue price of 100 pence per ordinary share.
John Laing plc is a leading international infrastructure investor and asset manager. The company anticipates that this will provide access to investments with an aggregate value of approximately £185 million over the next three years, including a number of opportunities for further acquisitions during the next 12 months.
In addition, JLEN has identified a number of third-party investment opportunities for the portfolio. These opportunities provide additional attractive growth options for the company and the company's investment adviser, John Laing Capital Management Limited, is currently undertaking due diligence on them.
JLEN is currently in discussions with a number of lenders and anticipates entering into a revolving credit facility to facilitate the acquisition of further investments in the near future.
The company said it will announce its maiden results in June 2015. It is envisaged that the interim dividend for the period ending 30 September 2014 will be declared in November 2014 and paid by the end of December 2014.