HICL Infrastructure Company Limited Completes Acquisition of incremental investment Pinderfields and Pontefract Hospitals
HICL Infrastructure Company Limited ("HICL" or the "Company", and together with its subsidiaries the "Group"), the listed infrastructure investment company, is pleased to announce the acquisition of a 50% incremental interest in the Pinderfields and Pontefract Hospitals PPP Project ("P&P") from Balfour Beatty Infrastructure Investments Limited, a subsidiary of Balfour Beatty plc ("Balfour Beatty"). The incremental stake takes the Group's ownership in P&P to 100%.
The total consideration paid by the Group for the interest was £61.5m, and was funded from the Group's existing cash and debt resources.
P&P involves the financing, design and construction and operation of two hospital facilities for the Mid Yorkshire Hospitals NHS Trust, delivering a combined total of 774 beds. Construction of the new hospital facilities on the two sites was completed in 2011, with construction works undertaken by subsidiaries of Balfour Beatty plc. Services are being delivered by Cofely Workplace Limited.
Erwan Fournis, Director, Infrastructure at InfraRed Capital Partners Limited, the Company's Investment Adviser, said:
"We are pleased to have completed this incremental acquisition which meets the Group's strategy of increasing its stakes to majority ownership when the opportunity arises. It demonstrates how the Group can leverage the existing portfolio to increase ownership. We look forward to working alongside the supply chain to provide high quality facilities to the Trust."