LONDON (dpa-AFX) - HICL Infrastructure Co. Ltd. (HICL.L) said it has purchased an additional 14% equity and loan note interest in the Colchester Garrison PFI Project from Atkins Investments Ltd., a subsidiary of WS Atkins plc (ATK.L). This takes the Group's total interest in the Project to 56%.
The Project is a 35 year concession to design, construct, finance and maintain a new garrison facility at Colchester, Essex for the Ministry of Defence. The new garrison has been built partly on an existing garrison site and partly on an adjacent brownfield site owned by the MOD. The project involved capital expenditure of around £550 million.
The total consideration paid by the group is £15.0 million, which is in line with the current valuation of similar UK PFI projects in the Group's portfolio. The acquisition was funded from the group's cash resources.
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