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- HICL sells Colchester Garrison stake
HICL Infrastructure has announced the sale of its 56% stake in Colchester Garrison for £108.3m. This is £21.7m more than HICL was valuing this investment as at 30 September 2014. This is the deal they were anticipating in the interim results published in November last year. The purchaser was subsidiaries of Allianz Group, the PPP Equity PIP limited partnership, and Dalmore Capital Fund II limited partnership (both partnerships managed by Dalmore Capital Limited). HICL’s Board considered the price to be significantly ahead of the value that could be achieved by retaining the project. After this deal, the Group currently holds approximately £25m of cash which is available for new investment opportunities. HICL promises to update the market on progress within the portfolio during February.
HICL sells Colchester Garrison stake