John Laing Infrastructure has acquired a 100% interest in the British Transport Police PPP project and entered into an agreement to purchase a 95% interest in the Oldham Social Housing project. Both projects are fully operational, availability-based social infrastructure PPP assets located in the UK and are being acquired under the First Offer Agreements with John Laing Group.
The combined consideration for both assets is approximately GBP22 million (which forms part of the approximately GBP150 million of assets on which JLIF is in advanced discussions, referred to in the Trading Update and Placing announcements made on Thursday 25 February). The consideration will be funded by drawing on JLIF’s GBP180 million multi-currency revolving credit facility (which, prior to these acquisitions, was drawn by GBP84.5 million). Completion of the acquisition of the Oldham Social Housing project is expected in the coming weeks, subject to the satisfaction of certain conditions.
The discount rate applied for the valuation of these two projects was within the range used for the valuation of JLIF’s portfolio as at 31 December 2015, as published in the Trading Update on 25 February 2016. 45.83% of the interest in the British Transport Police project was acquired from John Laing Pension Trust
JLIF : John Laing Infrastructure buys British Transport Police PPP