John Laing Infrastructure Fund Limited Acquires 50% shareholding in the Kelowna & Vernon Hospitals P3 project
JLIF, the listed infrastructure investment company, completed a successful capital raise of £242.3m, the largest in the fund's history since listing. Following the subsequent acquisition of the Barnsley BSF project, JLIF is pleased to announce that it has today completed the acquisition of a 50% shareholding in the Kelowna & Vernon Hospitals P3 project.
The Kelowna & Vernon Hospitals project marks JLIF's third investment in the Canadian secondary P3 market to date and takes the total portfolio to 51 projects. Following the acquisition, Canadian assets now account for 12% of JLIF's portfolio by value.
David Marshall from John Laing Capital Management ("JLCM"), Fund Manager to JLIF, said:
"We are delighted to announce the acquisition of this high quality asset following the largest capital raise we have competed since our listing in 2010. This asset further diversifies JLIF's portfolio and JLIF has now acquired £201.0 million of projects in 2013. The existing debt facility has already been repaid in full using the proceeds of the capital raise and we continue to actively seek new growth opportunities."