HICL Infrastructure buys stakes in three schools for £26.4m

12th Mar 2015 09:50

Investment group HICL Infrastructure has acquired stakes from construction group Laing O' Rourke in three separate projects for £26.4mThe FTSE 250 group said on Thursday it had acquired a 40% interest in the Salford & Wigan Phase 1 BSF Project, a 40% interest in the Salford & Wigan Phase 2 BSF Project and a 68% interest in the Newham Schools BSF Project.The first two projects are 26-year and 27-year PFI concessions to design, build, finance, maintain and operate five new secondary schools in the city of Salford, Greater Manchester, on behalf of the local city council.The remaining project is a 27-year PFI concession to design, build, finance, maintain and operate two new secondary schools in the London borough of Newham on behalf of the local council.HICL said the acquisitions would be funded by its current cash surplus deriving by the sale of Colchester Garrison MoD PFI project.HICL shares were up 0.64% to 156.50p at 10:32 on Thursday.