HICL Infrastructure has announced the proposed acquisition of a 99.9% interest in the Royal Canadian Mounted Police ‘E’ Division Headquarters P3 Project (“RCMP”) in Surrey, British Columbia, Canada for consideration of approximately C$53m.
The Project is being acquired from the InfraRed Infrastructure Fund III, a fund managed by HICL’s Investment Adviser; and therefore, as a matter of good corporate governance, the Board is seeking the approval of Shareholders for the proposed acquisition at an extraordinary general meeting (“EGM”) to be held at 4.30 p.m. on Wednesday 12 August 2015.
The Project relates to the design, construction, finance, and ongoing facilities management services and lifecycle refurbishment of a 72,000m(2) Royal Canadian Mounted Police Headquarter office facility building. Financial close occurred in April 2010 and construction was successfully completed on time in December 2012. Construction was undertaken by a construction joint venture between Bouygues Building Canada Inc and Bird Design-Build Limited and is now being operated and maintained by Bouygues Energies & Services. The total construction cost was approximately C$234m. The Project is also being managed by Bouygues Energies & Services.
This Project would be HICL’s third investment in Canada. It will be funded from the Company’s revolving debt facility.
HICL buying Mountie HQ