LONDON (dpa-AFX) - HICL Infrastructure Company Ltd. (HICL.L) said it acquired investments in 26 PFI/PPP projects from two infrastructure funds managed by Barclays Infrastructure Funds Management Limited for total gross consideration of about 143.4 million pounds at current exchange rates. Funding of this purchase was from available cash resources and the Group's revolving debt facility.
The company stated that 21 investments were acquired as part of a portfolio from the BEIF (UPP) Limited Partnership and the remaining 5 from the Barclays European Infrastructure Fund II Limited Partnership. The consideration paid is in line with discount rates used in HICL's September 2011 Directors' valuation and reflects current market prices.
Graham Picken, chairman of the company, said, 'This acquisition is a portfolio transaction and, as a result, the Investment Adviser intends to conduct a further review in the New Year to evaluate any possible opportunities for selective disposals or bolt-on acquisitions. Given the size of this acquisition and the use of the Group's revolving debt facility, the Board of the Company will now consider the quantum and timing of the Company's next capital raising by way of C Shares. I expect to make a further announcement on this in January 2012.'
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