HICL Infrastructure PLC on Thursday said it has sold five of its UK assets to John Laing PLC for £204 million in total.
The investor in infrastructure assets said the sale consideration is at a ‘small’ premium to the value of the assets at March 31.
The five assets are Queens (Romford) Hospital, Oxford John Radcliffe Hospital, Priority Schools North East Batch and South Ayrshire Schools and half of its investment in the Hornsea II offshore transmission owner. Following the sale, it will hold a 38% stake in Hornsea II.
John Laing is a London-based infrastructure assets investor and manager.
The firm said it expects the sales to be completed before the end of its financial year on March 31.
It noted that the sale will reduce its drawings on its credit facility to around £130 million.
Edward Hunt, head of core income funds at InfraRed said: ‘This accretive sale of a representative cross-section of HICL’s portfolio further demonstrates the disconnect between public and private market valuations for high-quality infrastructure assets. Since 31 March 2023 the company has realised over £300m from asset disposals demonstrating effective capital recycling while enhancing key portfolio metrics and reducing gearing.’
InfraRed Capital Partners Ltd is the manager of HICL.
HICL shares rose 1.5% to 125.10 pence each on Monday morning in London.
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