John Laing Infrastructure Fund (JLIF), the listed infrastructure investment company, has announced that it has completed the acquisition of the remaining stakes in three assets from Bouygues UK, resulting in 100% ownership of each asset. Initial stakes in the assets were acquired as part of JLIF's £123 million portfolio acquisition from Investors in the Community LLC (IIC) earlier this year.
The Lambeth and Redcar & Cleveland Street Lighting projects, in each of which JLIF has acquired an additional 15% interest, have together seen the replacement of more than 23,000 lighting columns.
The Peterborough Schools project, in which JLIF has acquired an additional 19% interest, has been operational since 2007. The project comprises a new build academy and two refurbished and extended secondary schools providing teaching space for up to 3,395 pupils.
JLIF also announced that the fund has completed the acquisition of a 75.1% shareholding in the North Staffordshire Hospital project.
The event marks the completion of the final acquisition of the three asset portfolio for approximately £103 million from the John Laing Group and the John Laing Pension Trust Limited, as stated in its prospectus issued in September 2013.
Andrew Charlesworth of John Laing Capital Management Limited, fund manager to JLIF, said:
"We are delighted to announce this acquisition, using the funds raised earlier this year as part of our stated strategy. We have had a very successful year for acquisitions and including today's purchase JLIF has now acquired over £263 million of assets during 2013. JLIF will continue to actively seek further growth opportunities from both John Laing and the wider secondary market."