HICL Infrastructure Company Limited (HICL.L) reported the completion of the acquisition of a 50% equity and loan note interest in the Northwood MoD HQ PFI Project from Carillion Private Finance (Defence) Limited for 30.6 million pounds.
The Project is a 198 million pounds scheme to design, build and commission new-build facilities and associated site infrastructure and retained estate reconfiguration on behalf of the Ministry of Defence in Northwood, Greater London. The Project reached financial close in July 2006 and is for a term of 25 years from that date.
This acquisition was announced in the Interim Report and Accounts in November 2012, with details of the transaction not disclosed due to confidentiality restrictions pending completion. The company’s net funding requirement is not changed by the completion of this purchase as the costs of the transaction have already been committed and accounted for.
The consideration paid by the Group is in line with the current valuations of similar UK PFI projects in the Group’s portfolio and brings the total number of infrastructure investments within the Group’s portfolio to 79. The acquisition was funded from the Group’s existing cash and debt resources.
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by RTT Staff Writer
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