HICL buys some assets from RBS

27th Jun 2011 06:50

Infrastructure investor HICL Infrastructure Company has made a new investment in a private finance initiative (PFI) and topped up three existing investments.The new investment is a 50% interest in the Pontefract and Pinderfield Hospitals PFI Project (P&P) and the incremental stakes are additional interests in the Oxford John Radcliffe (OJR) and Queen Alexandra (QAH) Hospitals. The seller, in each case, was Royal Bank of Scotland subsidiary, Royal Bank Project Investments. The incremental stakes acquired in OJR and QAH give HICL 100% ownership of both projects. The group has also acquired a further, small interest in the Medium Support Helicopter Aircrew Training Facility from Serco.The total consideration paid by the group for these investments was £32.8m, in line with the current valuation of similar UK PFI projects in the group's portfolio.P&P involves the financing, design and construction and subsequent operation of two hospital facilities for the Mid-Yorkshire NHS Trust, delivering a combined total of 774 beds. Construction of the new hospital facilities on the two sites was substantially completed in January 2011, with construction works undertaken by subsidiaries of Balfour Beatty. Final construction completion is expected to take place in October 2011. Services are being delivered by Balfour Beatty Workplace Limited."In the case of Pontefract and Pinderfield, the main facilities are operational and we look forward to working alongside our co-shareholder and supply chain to provide high quality facilities to the Trust," Tony Roper, director of InfraRed Capital Partners Limited, HICL's Investment Adviser, remarked. --jh