John Laing Infrastructure to light up Croydon and Lewisham – JLIF, the FTSE 250 listed infrastructure investment company, has announced that it has completed the acquisition of a 50% interest in the Croydon and Lewisham Street Lighting project from John Laing Investments Limited (a wholly-owned subsidiary of John Laing Group plc (“John Laing”)).
The 25-year PPP contract involves the replacement of 90% of the street lighting apparatus in the London Boroughs of Croydon and Lewisham, and the ongoing operations and maintenance of 48,000 lighting points. The project reached financial close in April 2011 and has been fully operational since November 2016.
You can read all about the project here.
The acquisition was made under the first offer arrangements between John Laing and JLIF and the consideration for the interest was approximately GBP8.2 million. The investment represents JLIF’s ninth UK street lighting PPP project and brings the total number of assets in JLIF’s portfolio to 63.
The announcement follows JLIF’s trading statement on 19 may when it said that:
- Underlying growth in the portfolio value for the three months to 31 March 2017 was +1.9%, taking it to GBP1,217.6 million;
- The Net Asset Value of GBP1,214.9 million as at 31 March 2017, included GBP31.3 million of cash allocated to the dividend to be paid in May 2017; and
- NAV per share as at 31 March 2017 was 122.9 pence cum-div (119.4 pence ex-div), an increase of 2.7 pence due to underlying portfolio growth over the period, and the NAV accretive equity issuance in March 2017.
JLIF : John Laing Infrastructure to light up Croydon and Lewisham