A major five-project portfolio has been acquired for over £140m

JLIF (John Laing Infrastructure Fund), an FTSE 250-listed infrastructure investment company, has announced that it has signed Sale and Purchase Agreements for the acquisition of a five project portfolio from John Laing Group plc.

In total, the portfolio is approximately £141.2m, and is to be financed by drawing on JLIF’s revolving credit facility. Most of the projects are availability-based, with a weighted average discount rate of 7.7 per cent used to value the portfolio.

David MacLellan, chairman of JLIF, said: “We are pleased to have agreed the acquisition of this portfolio of five UK PPP projects, including an incremental interest in the landmark IEP Phase 1 project.

“We remain confident in the UK market and in the contractual structures and legal frameworks that govern UK PPP contracts. We continue to manage actively our current portfolio and to pursue selectively opportunities for further investment where these offer value for shareholders.”

The portfolio includes a 50 per cent interest in the Lambeth Social Housing project; a five per cent interest in the City-Greenwich-Lewisham Docklands Light Railway project, and a 50 per cent interest in the Aylesbury Vale Parkway railway station project.

The weighted average remaining length of all five projects is just over 19 years, in line with the current portfolio.

Completion of the acquisitions is subject to certain conditions that are expected to be met in the near future.

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