John Laing acquires portfolio of UK assets from HICL Infrastructure PLC for £204m
John Laing Group ("John Laing"), a leading international investor and active manager of core infrastructure assets, today announced that it has agreed to acquire HICL Infrastructure PLC (HICL)’s entire equity interest in four UK public-private partnership projects and a 37.5 per cent stake in the Hornsea II offshore transmission assets for a total consideration of £204m. All five acquisitions are expected to complete before the end of March 2024.
The portfolio of assets consists of the following:
- Hornsea II offshore transmission assets, the offshore transmission assets associated with the Hornsea II windfarm (Hornsea II Offshore Transmission Owner (OFTO))
- The Oxford John Radcliffe Hospital PFI Project, a concession to finance, construct, operate and maintain a new wing adjacent to the former Radcliffe Infirmary in Oxford
- The Queen's Hospital PFI Project in Romford, a concession to finance, construct, operate, and maintain a new hospital: the Queen’s Hospital in Romford, Essex
- The South Ayrshire Schools PFI Project, a concession to finance, construct, operate and maintain three primary schools, two new secondary schools and a new performing arts annex at an existing secondary school on the western coast of Scotland
- The Priority Schools Building Programme North East Batch, a project to finance, construct, operate and maintain six new secondary schools and six new primary schools spanning seven local authorities in Tyne and Wear, Northumberland and County Durham
Andrew Truscott, Chief Executive of John Laing, said: “We are delighted to acquire this portfolio of operational core infrastructure assets backed by long-term contracts linked to inflation. These assets further diversify our current portfolio, building on our extensive education, health and renewable energy experience. The transaction also marks our entry into the growing transmission sector, where we see exciting opportunities.”
John Laing was advised by BNP Paribas, White & Case, Gibson Dunn, Arup, Aon, PwC and ERM.