Overview
HICL Infrastructure was established to be a long term investor in public infrastructure, working with the public sector to deliver high-quality infrastructure projects. Its portfolio is diversified across various sectors, including education, health, and transport infrastructure, both in the UK and overseas. HICL’s assets are predominantly operational, underpinned by long term contractual agreements that deliver annual yield. HICL Infrastructure aims to be cost efficient by having low management fees and operating expenses, and works constantly with clients to find efficiency savings which benefit them. HICL Infrastructure also aims to distribute the majority of underlying investment returns to its shareholders and without the accumulation of profits offshore.
The fund’s website can be found here.
Fundamentals
Price
Research History
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24 May 2024 1 min read
Interview with Edward Hunt from HICL Infrastructure
In this week’s show, James Carthew spoke to Edward Hunt from HICL Infrastructure. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email us Aiman. Additionally, if you would prefer to […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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16 Oct 2020 11 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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10 Aug 2020 7 min read
QuotedData’s Investment Companies Roundup – August 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over July: Seneca Global Income & Growth – […]
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06 Dec 2019 5 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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6 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
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07 Jun 2019 5 min read
QuotedData’s economic roundup – June 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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19 Dec 2018 1 min read
QuotedData’s economic roundup – December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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15 Aug 2018 1 min read
QuotedData’s investment companies roundup – August 2018
QuotedData’s investment companies roundup – August 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in July Tritax EuroBox raised its maximum target of £300 million in an […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 Jun 2018 2 min read
QuotedData’s Economic round up – June 2018
QuotedData’s Economic round up – June 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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11 Dec 2017 1 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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03 Aug 2017 1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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14 Jun 2017 1 min read
QuotedData’s economic round up – June 2017
QuotedData’s economic round up – June 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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14 Feb 2017 1 min read
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
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27 Apr 2015 1 min read
The importance of income – where to find it?
Life used to be simpler. If you had a bit of spare cash or you wanted to save up for something you’d just stick some money in a bank or building society account. If you had a nest egg and wanted to invest it in something safe and live off the income, you’d maybe buy […]
News
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20 Nov 2024 2 min read
QuotedData’s morning briefing 20 November 2024 – SWEF, HICL, BLND, GRIO, GRP
In QuotedData’s morning briefing 20 November 2024: Starwood European Real Estate Finance (SWEF) reports a drop in its NAV from 105.61p at end September to 99.38p at end October. Most of this fall relates to an impairment provision made against one asset, but it is not saying what this is. HICL Infrastructure (HICL), reporting six-month […]
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25 Jul 2024 2 min read
HICL Infrastructure update covers Affinity Water Ofwat proposal
HICL has published an interim update statement, covering the period from 1 April 2024 to 24 July 2024. It says that it is on track to deliver its target 8.25p dividend for the year. The revolving credit facility (RCF) was repaid in May 2024 and the company began a £50m buyback programme. 7,050,000 shares have […]
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18 Jul 2024 1 min read
QuotedData’s morning briefing 18 July 2024 – OIT, ESO, SEQI, DSM, HICL
In QuotedData’s morning briefing 18 July 2024: Odyssean Investment Trust (OIT) raised £11.4m from its placing and retail offer (the latter made through Winterflood’s WRAP platform). 6,542,159 new shares will be issued at 174p each (NAV plus 1%), 361,041 of those were to the retail offer. [This isn’t too bad in the current environment, although, […]
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22 May 2024 2 min read
Outlook remains positive despite modest returns for HICL Infrastructure
HICL Infrastructure (HICL) has announced its annual results for the year ended 31 March 2023. The company delivered a total shareholder return of 1% for the year with an increasing discount rate offsetting steady earnings growth. Despite the middling returns, the company did highlight a number of positive updates for the year, noting the significant […]
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01 Mar 2024 1 min read
QuotedData’s weekly news show 1st March 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • HICL Infrastructure (1:10) • Renewables – Bluefield Solar Income (4:48), TRIG (9:46), Greencoat UK Wind (10:31) • Property – SEGRO (11:11), Hammerson (12:14) Andrew McHattie reflected […]
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28 Feb 2024 2 min read
HICL Infrastructure sells Northwest Parkway and launches £50m buyback programme
HICL Infrastructure (HICL) has announced that it has disposed of Northwest Parkway and the launch of £50m share buyback programme. Underpinning the validity of its NAV, the net proceeds of the sale of Northwest Parkway to VINCU Highways SAS, of around US$232m, represents a circa 30% premium to HICL’s most recent valuation (30 September 2023). […]
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21 Dec 2023 1 min read
QuotedData’s morning briefing 21 December 2023 – HICL, RCOI
In QuotedData’s morning briefing 21 December 2023: HICL Infrastructure is paying £20m for a 3.1% stake in the A63 Motorway concession in France. Completion is expected in early 2024, subject to customary third-party consents. The 40-year toll-road concession covers the design, upgrade, finance, operating and maintenance of a 104km section of the existing A63 between […]
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22 Nov 2023 2 min read
QuotedData’s morning briefing 22 November 2023 – HICL, RKW, AEWU, HLCL
In QuotedData’s morning briefing 22 November 2023: HICL Infrastructure (HICL) announced its interim results for the six months ended September 30 2023. NAV total return fell 3% over the period reflecting the increase of the portfolio’s weighted average discount rate from 7.2% to 8.0%. Transaction activity remained robust, totalling £532m, while the company also reduced […]
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13 Nov 2023 2 min read
QuotedData’s morning briefing 13 November 2023
In QuotedData’s morning briefing 13 November 2023: Marwyn Value Investors (MVI) has announced that it has made a £7.8m investment into Zegona Communications, participating in a total equity placing of £262m. This equity raise was made as part of Zegona’s acquisition of Vodafone Holdings Europe, S.L.U. (“Vodafone Spain”) for €5.0bn, funded through a combination of […]
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06 Oct 2023 4 min read
QD view – Are some investment trust discounts now detached from reality?
For those that joined our annual investment trust forum yesterday, either via the online live-stream or in person, the discounts to net asset value (NAV) that are currently prevailing within the sector, most notably in the alternative income subsectors although very few areas have been left unscathed, were a big part of the discussion. David […]
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29 Sep 2023 1 min read
QuotedData’s weekly news update 29th September 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Gulf Investments (0:34) • Digital 9 Infrastructure (6:20) • HICL Infrastructure (13:32) • Hipgnosis (14:58) This week’s interview was with Carlos Hardenberg from Mobius […]
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28 Sep 2023 1 min read
HICL Infrastructure sells £200m of assets to John Laing
HICL Infrastructure has agreed to dispose of a portfolio of five assets to John Laing. The portfolio is made up of HICL’s entire equity interest in four UK PPP projects; Queens (Romford) Hospital, Oxford John Radcliffe Hospital (“OJR”), Priority Schools North East Batch and South Ayrshire Schools, in addition to half of its investment in […]
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22 Sep 2023 1 min read
QuotedData’s weekly news update 22nd September 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • HICL Infrastructure (0:25) • GCP Infrastructure/GCP Asset Backed Income (2:24) • HydrogenOne Capital Growth (7:46) • Nippon Active Value (12:00) • Pollen Street (13:22) […]
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18 Sep 2023 1 min read
QuotedData’s morning briefing 18 September 2023 – HICL
In QuotedData’s morning briefing for 18 September 2023: HICL Infrastructure (HICL) has announced that it has entered into an agreement to sell its investment in Bradford Schools PPPs for £37m. This sale represents an 8% premium to its valuation at 31 March 2023. The sale represents HICL’s entire stake in the entities, which are two […]
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01 Aug 2023 2 min read
QuotedData’s morning briefing 1 August 2023
Third Point (TPOU) published an investor letter for Q2 with the company returning 1.1% in the flagship Offshore Fund during the second quarter of 2023, compared with the S&P 500 Index return of 8.7% and the MSCI World Index return of 7.0% in the same period. The top five positive contributors for the quarter were […]
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21 Jul 2023 1 min read
QuotedData’s morning briefing 21 July 2023
Riverstone Credit Opportunities Income (RCOI) provided an update for the quarter ended 30 June 2023. NAV rose 1.4% for the period principally due to continued strong performance by the company’s unrealised portfolio and the successful refinancing and amendment of its investment in Streamline Innovations Inc. The company continues to be a beneficiary of the current […]
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24 May 2023 2 min read
HICL Infrastructure reports on a resilient performance
HICL Infrastructure (HICL) has announced its annual results for the year ended 31 March 2023. The chair, Mike Bane, describes the financial performance in the year as being resilient, with NAV growth of 1.8p per share to 164.9p. The return from the portfolio was 10.2% (March 2022: 9.6%), outperforming the company’s expected return of 6.6% […]
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2 min read
QuotedData’s morning briefing 24 May 2023
In QuotedData’s morning briefing 24 May 2023: Weiss Korea Opportunities Fund (WKOF) has announced that, due to the very limited number of elections received for the realisation opportunity (the results of which were announced on 10 May 2023), all of the realisation shares will be compulsory redeemed utilising WKOF’s existing cash reserves. The redemption price […]
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22 May 2023 2 min read
QuotedData’s morning briefing 22 May 2023
Cordiant Digital Infrastructure Limited (CORD), an operationally focused investor in the core digital infrastructure that enables modern communications and the internet, announced that the portfolio company, České Radiokomunikace has signed customer agreements to broadcast three new channels. The team at Cordiant Capital Inc, CORD’s investment manager, supported CRA in the signing of these exciting new revenue-generating […]
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05 Apr 2023 2 min read
QuotedData’s morning briefing 5 April 2023
Schroder AsiaPacific Fund (SDP) has announced the appointment of Rupert Hogg as an independent non-executive director of the company, with effect from 1 May 2023. Mr Hogg will also be a member of the audit and risk, nomination and management engagement committees. Aquila European Renewables (AERI) announced that Guillena, a 50 MWp solar PV asset […]
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07 Feb 2023 2 min read
QuotedData’s morning briefing 7 February 2023
In QuotedData’s morning briefing 7 February 2023: HICL Infrastructure (HICL) says that the deal it announced last May – a 55% stake in French fibre network ADTiM SAS – is not going ahead as certain conditions have not been fulfilled. However, it remains on track to complete its purchase of Texas Nevada Transmission before 31 […]
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25 Nov 2022 1 min read
QuotedData’s weekly news show 25th November 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Renewables/infrastructure NAVs • Digital 9 Infrastructure • NB Global Monthly Income • Home REIT This week’s interview was with Bruce Stout from Murray International […]
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23 Nov 2022 5 min read
QuotedData’s morning briefing 23 November 2022
In QuotedData’s morning briefing 23 November 2022: Worldwide Healthcare (WWH) has announced its interim results for the six months ended 30 September 2022. During the period, WWH provided an NAV total return of 3.1%, modestly outperforming its benchmark, the MSCI World Healthcare Index, which returned 2.1% during the period. In absolute terms, net asset value […]
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21 Oct 2022 1 min read
QuotedData’s weekly news show 21st October 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • HICL Infrastructure – new NAV • Downing Renewables and Infrastructure – info re potential price cap impact This week’s interview was with Ross Driver […]
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18 Oct 2022 2 min read
HICL updates investors on impact of economic turmoil
HICL Infrastructure does not plan to publish its interim results until 23 November 2022. However, it is publishing an estimate of its end September NAV today and, given the economic and political backdrop, it is not bad news. The board expects to announce a moderate increase in the unaudited NAV of 1.2p to 164.3p. The […]
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05 Sep 2022 2 min read
HICL Infrastructure to acquire Texas Nevada Trasmission and Hornsea II Windfarm
HICL Infrastructure to acquire Texas Nevada Trasmission and Hornsea II Windfarm – HICL Infrastructure (HICL) has announced two prospective acquisitions to its portfolio, consisting of a significant majority shareholding in Texas Nevada Transmission and preferred bidder status for the assets associated with the Hornsea II Offshore Wind Farm offshore transmission link. Texas Nevada Transmission HICL has […]
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19 Aug 2022 1 min read
HICL Infrastructure adds to train set
HICL Infrastructure has agreed to buy a minority equity stake in Cross London Trains (XLT). The seller is funds managed by Equitix Investment Management. XLT is a Public Private Partnership (PPP) that owns the recently delivered fleet of rolling stock operating on the Thameslink passenger rail route which covers the North-South London commuter rail corridor […]
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01 Aug 2022 3 min read
QuotedData’s morning briefing 1 August 2022
In QuotedData’s morning briefing 1 August 2022: Harmony Energy Income (HEIT) has completed the acquisition of the first pipeline project from Harmony Energy Limited: a 99 MW / 198 MWh energy storage project known as “Bumpers”. It has also executed contracts with Tesla for the supply, construction, maintenance and optimisation of the Bumpers project, with a […]
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18 Jul 2022 1 min read
HICL Infrastructure to buy interest in passive mobile tower owner in New Zealand
HICL Infrastructure to buy interest in passive mobile tower owner in New Zealand – HICL Infrastructure (HICL) has exchanged contracts to acquire a 40% equity interest in Aotearoa Towers, a passive mobile tower infrastructure owner, from Vodafone New Zealand. Following completion of the transaction, TowerCo will represent approximately 7% of HICL’s portfolio by value, and is […]
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15 Jul 2022 3 min read
QuotedData’s morning briefing 15 July 2022
In QuotedData’s morning briefing 15 July 2022: HICL Infrastructure’s (HICL’s) fundraising, announced on 8 July 2022, has raised £160m. HICL says that there has been strong support for the issue from both existing and new investors, including over £5m of demand from the retail offer through PrimaryBid, and a scaling back exercise has taken place […]
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08 Jul 2022 1 min read
QuotedData’s weekly news show 8th July 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Jayna Rana covered the week’s top stories: • Round Hill Music/Hipgnosis Songs • Octopus Renewables Infrastructure • Fundraising HICL Infrastructure Impact Healthcare REIT Digital 9 Infrastructure This week’s interview was with David […]
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2 min read
HICL Infrastructure announces fundraise
HICL Infrastructure (HICL) has announced that it proposes to raise additional equity capital through the issue of new ordinary shares by way of non-pre-emptive tap issuance. It is proposed that the new ordinary shares will be issued at a price of 169.0p per Share, which represents a discount of 3.1 per cent. to the mid-market […]
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25 May 2022 2 min read
HICL Infrastructure credits inflation for strong results
HICL Infrastructure credits inflation for strong results – HICL Infrastructure (HICL) has posted its annual results for the year to 31 March 2022. During this time, its shareholder return was 12.8% while its NAV increased by 7.1%. This outperformance was driven by higher than expected inflation feeding through asset-level valuations, continued market pressure on infrastructure […]
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19 May 2022 2 min read
HICL Infrastructure makes first broadband investment
HICL Infrastructure has invested in fibre broadband for the first time, buying a 55% shareholding in ADTIM SAS in France from DIF Capital Partners. Following completion, ADTIM will represent approximately 2% of HICL’s portfolio, by value. ADTIM is an independent wholesale fibre network providing low density rural areas in the South of France with 18,300km of […]
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17 May 2022 2 min read
QuotedData’s morning briefing 17 May 2022
In QuotedData’s morning briefing 17 May 2022: Sequoia Economic Infrastructure has received £10m from the administrators of Simple Energy (the parent of Bulb Energy). £2.5m of this covers the interest on the loan that has accrued since Simple went into administration. The other £7.5m reduces the fund’s exposure to Simple/Bulb to about 1.5% of its […]
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31 Mar 2022 1 min read
QuotedData’s morning briefing 31 March 2022
In QuotedData’s morning briefing 31 March 2022: HICL Infrastructure plans to sell its 100% interest in the Queen Alexandra Hospital PFI Project to InfraRed European Infrastructure Income Fund 4. HICL would get £108m and a 1.5p increase in its NAV. The hospital has over 7,200 staff and 1,200 beds, that serves over 675,00 residents across […]
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24 Dec 2021 2 min read
QuotedData’s morning briefing 24 December 2021
In QuotedData’s morning briefing 24 December 2021: Octopus Renewables Infrastructure Trust (ORIT) has completed its purchase of two onshore wind farms in Finland for about €140m. The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW, and are in the final stages of commissioning, but the risks associated with the residual construction […]
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24 Nov 2021 3 min read
QuotedData’s morning briefing 24 November 2021
In QuotedData’s morning briefing 24 November 2021: Nippon Active Value (NAVF) has confirmed gross proceeds of £14m were raised from the recent issue of 10,021,432 new Ordinary Shares at 139.70 pence per share. This represents a 1.5% premium to the NAV per share at close of business on 22 November 2021. Shares will be issued […]
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08 Nov 2021 3 min read
QuotedData’s morning briefing 8 November 2021
In QuotedData’s morning briefing 8 November 2021: HICL Infrastructure (HICL) has acquired, indirectly, a 33.3% interest in Road Management Group, a holding company which comprises two UK shadow toll roads: the A417/A419 Swindon-Gloucester and the A1(M) Alconbury-Peterborough. The interest was acquired from Abertis Infraestructuras for a combined consideration of up to £34.4m. This investment will be funded by […]
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13 Oct 2021 2 min read
QuotedData’s morning briefing 13 October 2021
In QuotedData’s morning briefing 13 October 2021: RTW Venture Fund (RTW) holding, CinCor Pharma has completed a $143m Series B financing round. RTW participated in the round alongside other investors. CIO, Roderick Wong, said: “We are delighted to support CinCor’s efforts to develop next-generation treatments for hypertension, a condition that affects a significant patient population […]
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27 Jul 2021 2 min read
QuotedData’s morning briefing 27 July 2021
In QuotedData’s morning briefing 27 July 2021: HICL Infrastructure has reaffirmed its 8.25p dividend target for the year ended 3 March 2022. traffic volumes on its toll roads are recovering but international traffic on High Speed 1 (the Channel tunnel rail link) is running at 15% of normal levels. The company says that discussions with lenders […]
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01 Jun 2021 2 min read
QuotedData’s morning briefing 1 June 2021
In QuotedData’s morning briefing 1 June 2021: Blackstone Loan Financing has announced plans for a share repurchase programme to repurchase ordinary shares within certain pre-set parameters, following the expiry of the previous programme on 26 May 2021. The new share repurchase programme will start today and will run until the company’s upcoming AGM on 23 July […]
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26 May 2021 1 min read
Flat year for HICL Infrastructure
Flat year for HICL Infrastructure – HICL Infrastructure has published results for the year ended 31 March 2021. The NAV was flat at 152.3p and the NAV total return for the year was 5.5%. The company met its 8.25p dividend target for the year and says that it hopes to maintain it at this level for […]
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07 May 2021 3 min read
QD view – how the top 10 trusts have changed
I was playing with the QuotedData data pages this week – looking at factors such as widest discounts and highest yields – then I alighted on the 10-largest funds by market cap and I have to admit that some names on that list were a surprise to me. Fortunately, I had some old data from […]
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01 Mar 2021 2 min read
QuotedData’s morning briefing 1 March 2021
In QuotedData’s morning briefing 1 March 2021 – SDCL Energy Efficiency Income (SEIT) noted that further to its announcement on 24 December 2020, it has completed the acquisition of a series of portfolios of commercial and industrial on-site solar and energy storage projects in the United States, together with a 50% interest in the platform that has […]
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23 Feb 2021 1 min read
QuotedData’s morning briefing 23 February 2021
In QuotedData’s morning briefing 23 February 2021: Sequoia Economic Infrastructure Income Fund says that it plans to raise up to a maximum of £172.9m by issuing up to 164,312,714 new ordinary shares at 105.25p. The price is a 4.0% premium to NAV and a discount of 2.7% to the closing price of 108.2p last night. The proceeds […]
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23 Nov 2020 2 min read
QuotedData’s morning briefing 23 November 2020
In QuotedData’s morning briefing 23 November 2020: US Solar Fund says that all 41 projects in its portfolio, totaling 443MWDC, are now fully operating and generating revenue. The final project, the 128MWDC Milford plant in Utah, reached the commercial operations date under its power purchase agreement (PPA) on 19 November, on-time and under-budget – saving $4m […]
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21 Jul 2020 1 min read
HICL takes control of Irish road
HICL takes control of Irish road – HICL Infrastructure says that it has agreed to acquire the remaining 50% interest in the M17/M18 Gort to Tuam Road PPP in the Republic of Ireland from the Marguerite I Fund. The consideration is €41m and the transaction is expected to complete by the end of September. The project is […]
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16 Jul 2020 1 min read
HICL is fundraising
HICL is fundraising – HICL Infrastructure has announced a placing of new shares today. It is looking for enough money to repay its £75m revolving credit facility. It will issue new shares at 164p. a 5.75% discount to the closing price on 15 July and a 7.7% premium to the last reported NAV, as at […]
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10 Jun 2020 1 min read
HICL Infrastructure completes investments worth £103m
HICL Infrastructure (HICL) has completed investments worth £103m in the following: 1.) the acquisition of a further 74% interest in Holdfast Training Services (a PPP project that supports the Royal School of Military Engineering) and 2.) the acquisition of the transmission assets associated with the Walney Extension Offshore Windfarm (located in the Irish Sea). The investments have been […]
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20 May 2020 3 min read
Final results from HICL Infrastructure with long-term demand for infrastructure likely to remain robust
Over the year-ended 31 March 2020, HICL Infrastructure (HICL) delivered an NAV total return of 1.9% (2019:10.8%). The company says that the target dividend of 8.25p has been declared and is fully cash covered. In terms of its balance sheet, over the year, HICL strengthened it by raising £117m in two capital raises while it also refinanced the […]
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26 Feb 2020 1 min read
HICL Infrastructure completes Galloper Windfarm deal
HICL Infrastructure (HICL) has completed the acquisition of the transmission assets associated with the Galloper Windfarm, located off the coast of Suffolk, by Diamond Transmission Partners, a consortium comprising HICL and Diamond Transmission Corporation (a subsidiary of Mitsubishi). The transaction is part of Tender Round 5 of Ofgem’s Offshore Transmission Owner programme. HICL previously announced its status as […]
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18 Dec 2019 1 min read
QuotedData’s other news 18 December 2019
In QuotedData’s other news 18 December 2019 Sun Life Financial has bought a majority stake in Infrared Capital Partners, the investment adviser to HICL Infrastructure and The Renewables Infrastructure Group. This won’t have any impact on the day-to-day running of the funds. Infrastructure India has maxed out its $105m borrowing facility, borrowing another $30m to develop […]
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05 Dec 2019 1 min read
QuotedData’s other news 5 December 2019
In QuotedData’s other news 5 December 2019 – CATCo Reinsurance Opportunities (CAT) announced the appointment of Arthur Jones as a non-executive director with effect from the conclusion of a board meeting of the company held on 4 December 2019. Arthur will also chair the company’s audit committee. CAT notes that Arthur is a chartered accountant […]
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22 Nov 2019 1 min read
HICL Infrastructure targets £100m in new raise
HICL Infrastructure targets £100m in new raise – HICL Infrastructure PLC, the parent company of HICL Infrastructure (HICL), has announced a proposal to raise additional equity capital through the issue of new ordinary shares, with a target size of £100m. The net proceeds of the Issue will be applied in addressing the company’s net funding […]
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07 Nov 2019 1 min read
HICL Infrastructure to sell two PPP projects for £52m
HICL Infrastructure to sell two PPP projects for £52m – HICL Infrastructure PLC, the parent company of HICL Infrastructure (HIC), has announced that the group has struck a deal to sell its entire equity and debt interests in two UK PPP projects: the Health & Safety Laboratory in Buxton; and the South West Acute Hospital in […]
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11 Oct 2019 1 min read
QuotedData’s other news 11 October 2019
In QuotedData’s other news 11 October 2019 – HICL Infrastructure announced the completion of the acquisition of the transmission assets associated with the Race Bank Windfarm, located off the coast of Norfolk, by Diamond Transmission Partners, a consortium comprising HICL and Diamond Transmission Corporation (a subsidiary of Mitsubishi Corporation). Gresham House Energy Storage raised gross proceeds […]
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22 May 2019 2 min read
HICL reduces Carillion provision
HICL reduces Carillion provision – HICL Infrastructure has published its results for the year ended 31 March 2019. Its NAV rose by 5% to 157.5p and the total return on NAV (including dividends) was 10.8%. The dividend for this period was 8.05p, in line with previous guidance. HICL’s board has re-affirmed its 8.25p target for the next […]
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14 Mar 2019 1 min read
HICL Infrastructure Company consortium wins offshore wind bid
HICL Infrastructure Company (HICL) has announced that Diamond Transmission Partners, a consortium comprising HICL, Diamond Transmission Corporation Limited (a subsidiary of Mitsubishi Corporation) and Chubu Electric Power Co., Inc. has been selected by Ofgem as the preferred bidder to own and operate the Walney Extension Offshore Wind Farm offshore transmission link. The Walney OFTO The […]
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18 Feb 2019 1 min read
HICL Infrastructure ups its stake in the N17/N18 Gort to Tuam PPP Scheme
HICL Infrastructure has announced that it has agreed to acquire a further 40% interest in the N17/N18 Gort to Tuam PPP Scheme for €23m. The purchase is being funded from HICL’s revolving credit facility and the transaction is expected to complete by the end of February 2019. Harry Seekings, Co-Head of Infrastructure at InfraRed (HICL […]
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15 Jan 2019 7 min read
Aberdeen Diversified Income and Growth bailed out by narrowing discount
Aberdeen Diversified Income and Growth bailed out by narrowing discount – Aberdeen Diversified Income & Growth has published results for the year ended 30 September 2018. Over the period, the NAV rose 2.5% on a total return basis. Fortunately, however, the shares moved from a 3.1% discount to a 3.2% premium. The share price ended the year […]
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29 Aug 2018 1 min read
HICL Infrastructure sells AquaSure desalination stake
HICL Infrastructure sells AquaSure desalination stake – HICL Infrastructure Company has entered into an agreement to sell its 9.7% interest in the AquaSure Desalination PPP Project. The value of the group’s investment in AquaSure was increased by approximately 10% in September 2017, in line with a market transaction earlier that year. The disposal price agreed will generate […]
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15 Jan 2018 2 min read
HICL and INPP reassure on Carillion exposure
HICL and INPP reassure on Carillion exposure – HICL Infrastructure Company Limited has made an statement following the recent announcement from Carillion plc regarding its compulsory liquidation. Acting through the Risk Committee, the HICL board and InfraRed, the company’s manager, make ongoing assessments of counterparties, potential issues in the HICL supply chain and related contingency planning. In particular, […]
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22 Nov 2017 4 min read
HICL comments on PFI/PPP situation
HICL comments on PFI/PPP situation – HICL Infrastructure has released interim results covering he six months ended 30 September 2017. The highlights from these are that the NAV total return for the period was 8.9%, HICL is on track to hit its 7.85p dividend target this year and is targeting 8.05p for the year to […]
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04 Sep 2017 1 min read
Five alternative investments for 5% plus yields
Investors’ insatiable appetite for income has pushed many innovative income funds to lofty premiums, but a host of opportunities remain. Jennifer Hill outlines five routes to pocket in flation-beating income. Investors are on the hunt for alternative sources of income, given the high valuations of many equity markets and poor value in bonds. ‘We’ve been looking […]
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03 Aug 2017 1 min read
Investment Trust Insider on HICL Infrastructure
James Carthew: HICL paid high price for Affinity This week’s column was written before the announcement of HICL leading a consortium to buy the HS1 high-speed rail line between London and the Channel Tunnel. My focus this week is on HICL Infrastructure (HICL), a stock that I hold. Briefly, around the beginning of July, its […]
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17 Jul 2017 2 min read
HICL buys HS1 channel tunnel link
HICL buys HS1 channel tunnel link – HICL Infrastructure Company Limited has signed an agreement to acquire a 35 per cent equity interest in the entities that comprise the High Speed 1 Project (“HS1”). HICL is a member of a consortium, alongside funds managed by Equitix Investment Management Limited and third party funds managed by […]
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06 Jun 2017 1 min read
HICL Infrastructure equity issue raises £267.7m
HICL Infrastructure has announced the results of its recent equity issue. The issue has raised gross proceeds of £267.7m through the issue for cash, subject to listing, of 162,246,567 Ordinary Shares at an issue price of 165.0p per new ordinary share. HICL Infrastructure says that the Issue was materially oversubscribed and in light of the […]
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24 May 2017 2 min read
HICL Infrastructure forecasts dividends out to 2019
HICL Infrastructure forecasts dividends out to 2019 as it announces results for the year ended 31 March 2017. Highlights for the year ended 31 March 2017 Portfolio performance exceeded expectations during the year NAV per share as at 31 March 2017 of 149.0p, up 4.8% from 142.2p as at 31 March 2016 Total shareholder return […]
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22 May 2017 2 min read
HICL Infrastructure completes acquisition of a 36.6% stake in Affinity Water Group
HICL Infrastructure has announced that it has completed the acquisition of a 36.6% equity interest in the various entities that comprise the Affinity Water Group, including the regulated entity, Affinity Water Limited. HICL is part of a consortium, alongside DIF Infrastructure and Allianz Capital Partners on behalf of Allianz Group, which has agreed to acquire […]
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03 May 2017 2 min read
14th consecutive year of outperformance for BlackRock Smaller
For fourteen consecutive years BlackRock Smaller Companies has outperformed its benchmark and increased its dividend. Over that period, the NAV has grown nearly ten-fold whereas the benchmark has almost quadrupled. The compound annual increase in dividends paid over the past five years has been 20% per annum. During the year to 28 February 2017, the NAV increased […]
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03 Apr 2017 1 min read
HICL tops up helicopter investment
HICL Infrastructure Company has announced the completion of an incremental investment of GBP7.5m in the Medium Support Helicopter Aircrew Training Facility project. HICL has invested GBP7.5m by way of an RPI-linked note to fund an upgrade in the visual systems in the simulators, keeping the facility at the leading edge of technology and capability. The […]
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24 Feb 2017 1 min read
New fundraise for HICL Infrastructure to target £205m
HICL Infrastructure Company Limited has announced a fund raising with a target size of £205m that comprises a placing, open offer, offer for subscription and intermediaries offer at an issue price of 159.0p per New Ordinary Share. The Company has published a prospectus relating to the Issue and says that this and a circular will […]
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06 Feb 2017 1 min read
14 investment trusts for income and growth in 2017
Investors looking forward to a period of calm in 2017 might be disappointed, but David Prosser has the trusts experts are backing to navigate further storms. Having just been through a year of unprecedented political upheaval that sent financial markets spinning, many investors will be assuming 2017 cannot possibly be so tumultuous. The reality, however, […]
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13 Jan 2017 1 min read
HICL intends to undertake a fundraising during the first quarter of 2017
HICL Infrastructure has announced that it intends to proceed with a placing, open offer and offer for subscription of ordinary shares during the first quarter of 2017. The company says that it currently has a funding surplus of around £6m, but also has commitments of approximately £200m in aggregate in respect of conditional acquisitions which […]
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05 Jan 2017 2 min read
HICL Infrastructure acquires two Dutch PPP projects for €21.3m
HICL Infrastructure has announced that has acquired equity interests in two Dutch public-private partnership (PPP) projects from Ballast Nedam (Ballast). One is a 20% interest in the A9 Gaasperdammerweg Road Project in the Netherlands (the A9 Project) and the other is an incremental 25% interest in the Zaanstad Penitentiary Project (the “Zaanstad Project”). The total […]
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02 Dec 2016 1 min read
HICL Infrastructure invests in Colorado toll road
HICL Infrastructure Company Limited has reached an agreement to acquire a 33.3% equity interest in Northwest Parkway, a toll-road located in the Denver metropolitan area of Colorado, U.S.A. HICL is part of a consortium alongside DIF Infrastructure IV and Northleaf Capital Partners, which has agreed to acquire a 100% equity interest in the project from […]
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16 Nov 2016 1 min read
HICL reports 2.5% uplift in NAV
HICL Infrastructure reports that over the six months to 30 September 2016 it delivered a 2.5% rise in NAV per share to 145.7p, up from 142.2p at 31 March 2016. Earnings per share were 6.1p (2015: 5.6p). Net operating cash flow of GBP60.9m (2015: GBP58.9m) covered the interim dividends paid in the six month period 1.26 times (2015: […]
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13 Sep 2016 1 min read
HICL buys bonds secured against A13 project
HICL Infrastructure Company Limited, has announced the purchase of a proportion of the Road Management Services (A13) PLC Index-Linked Guaranteed Secured Bonds 2028 for GBP50.1m. The Bonds were issued in 2000 to finance the A13 Thames Gateway PFI Project and have the benefit of an unconditional and irrevocable financial guarantee from the monoline MBIA UK in […]
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18 May 2016 2 min read
HICL Infrastructure NAV ahead of target
HICL Infrastructure has announced results for the year ended 31 March 2016. The NAV per share was 142.2p at 31 March 2016 (2015: 136.7p), which was ahead of budget. Total shareholder return for the year was 9.6% on a net asset value (“NAV”) total return basis and 6.8% on a share price total return basis. […]
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19 Apr 2016 1 min read
HICL buys into road project
HICL Infrastructure Company Limited has announced the acquisition of a 30% interest in the M1-A1 Link Road (Lofthouse to Bramham) DBFO Road Project from Balfour Beatty plc for £14.5m. The project is a 30 year shadow toll PFI concession for the design, construction, financing, operation and maintenance of a motorway linking the M1, M621 and […]
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03 Feb 2016 1 min read
HICL buys stake in A63 Autoroute
HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, has announced that it has reached an agreement to acquire a 13.8% interest in the A63 autoroute project in France. The vendors are Colas Sud Ouest and Spie Batignolles. The acquisition is subject to a number of conditions and is expected […]
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22 Jan 2016 1 min read
HICL Infrastructure invests a further £4.1m in the Sheffield Schools PFI Project
HICL Infrastructure has announced that it has made an incremental investment in the Sheffield Schools PFI Project in conjunction with its existing joint venture partner, Kajima Partnerships Limited, from the Kier Group Pension Scheme for a consideration of £4.1m. The HICL Group and KPL have an existing joint venture holding company, in which the HICL […]
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14 Jan 2016 1 min read
HICL Infrastructure adds to Southmead hospital stake
HICL Infrastructure has acquired a further 12.5% interest in the Southmead Hospital PFI Project from funds managed by Aberdeen Asset Management Group for a consideration of £25.3m. As a consequence of the acquisition, HICL now holds a 62.5% interest in the Project. The Project is a £430m, 35 year concession to design, build, finance, operate […]
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17 Jul 2015 1 min read
HICL buying Mountie HQ
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 […]
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07 Jul 2015 1 min read
HICL takes stake in Southmead hospital PFI
HICL Infrastructure is buying a 50% stake in the Southmead Hospital PFI project from Carillion for £87.8m. £48.7m of this number relates to a future loan note subscription obligation, which will be paid by the Group in September 2015. The Project is a £430m, 35 year concession to design, build, finance, operate and maintain an 800-bed acute […]
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14 Apr 2015 1 min read
HICL adds to Salford and Wigan schools exposure
HICL is paying £16.2m to acquire additional 40% interests in both phase 1 and phase 2 of the Salford & Wigan BSF (Building Schools for the Future) projects. This takes HICL’s stake in both projects up to 80%. S&W Phase 1 and S&W Phase 2 are 26-year and 27-year PFI concessions, respectively, to design, build, […]
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01 Apr 2015 1 min read
HICL Infrastructure invests in Dutch prison project
HICL Infrastructure is paying €11.5m for a 75% interest in the Zaanstad Penitentiary Institution PPP project. The Project comprises the construction and 25-year operation of a new penitentiary institution in Zaanstad, the Netherlands. The Project is governed by a Design, Build, Finance, Maintain and Operate Agreement with the State of the Netherlands and has tenure […]
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12 Mar 2015 1 min read
HICL adds to schools exposure again
HICL Infrastructure has announced the acquisition of three stakes in BSF (Building Schools for the Future) projects – the predecessors of the PF2 type deals announced yesterday. The stakes it’s buying are a n40% interest in the Salford & Wigan Phase 1 BSF([1]) Project, a 40% interest in the Salford & Wigan Phase 2 BSF […]
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11 Mar 2015 1 min read
HICL and INPP invest in schools
International Public Partnerships is investing c£8m and HICL Infrastructure is investing £7.2m to take equity stakes (45% in HICL’s case) in a £103m project -the Priority Schools Building Programme (“PSBP”) North East Batch Project. The national PSBP has been set up to address the needs of the schools most in need of urgent repair and will build or […]
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17 Feb 2015 1 min read
HICL Infrastructure new investment in France
HICL Infrastructure is paying €3.4m for an 85% stake in the Ecole Centrale Supelec PPP Project (“Project”). The Project reached Financial Close on 16 February 2015 and consists of the design, construction, finance and maintenance of a new facility for the Ecole Centrale Supelec on plateau de Saclay, near Paris, as well as a shared teaching […]
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02 Feb 2015 1 min read
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 […]
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19 Nov 2014 1 min read
Good first half for HICL driven by imminent disposal
HICL : Good first half for HICL driven by imminent disposal HICL Infrastructure’s interims for the six months ended 30 September show a decent increase in the net asset value over the period. The net assets value rose by 7.4% to 130.5p and the dividend was increased to 3.62p from 3.5p the previous year – they […]
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09 Oct 2014 1 min read
HICL buys more of desalination plant
HICL : HICL buys more of desalination plant HICL Infrastructure has acquired another 3.4% of the Victorian Desalination PPP Project taking their interest to c9.3%. They have paid A$46m for the additional stake. The Project was procured under the State of Victoria’s Partnerships Victoria Policy and is the largest desalination plant in the southern hemisphere […]
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02 Oct 2014 1 min read
HICL Infrastructure adds to hospital exposure
HICL : HICL Infrastructure adds to hospital exposure HICL Infrastructure is spending £61.5m to by the other half of the Pinderfields and Pontefract Hospitals PPP project that it did not own from Balfour Beatty. the funding from the deal came from their existing resources. The PPP project covers hospitals on two sites, building work was […]
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22 Sep 2014 1 min read
HICL and INPP trade in Sheffield School Project
HICL and INPP trade in Sheffield School Project HICL Infrastructure is buying a 19% stake in Sheffield Building Schools for the Future project and a 50% stake in Oldham Library PFI project. The Sheffield stake was sold by International Public Partnerships for £3.2m which implies that HICL paid £1.9m for the Oldham deal. INPP said […]
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21 May 2014 1 min read
HICL Infrastructure : HICL – annual results
HICL Infrastructure has released its results for the year ended 31 March 2014. The net asset value rose from 116.4p to 123.1p over the period and this, coupled with a dividend of 7.1p meant the total return on net assets was 11.9%. In the current year HICL Infrastructure is switching to paying quarterly dividends and […]
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06 May 2014 1 min read
HICL Infrastructure : HICL – new investments
HICL Infrastructure has bought a 10% stake in a planned dual carriageway, the N17/N18, linking Gort to Tuam in the Republic of Ireland and due to be completed in November 2017. HICL Infrastructure has also bought an additional 16.5% stake in the Miles Platting Social Housing PFI Project in Manchester. The total cost for both […]
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20 Mar 2014 1 min read
HICL Infrastructure : HICL – Australian purchase
HICL Infrastructure is making its first investment in Australia, a 5.85% stake in the AquaSure Victorian desalination project. The Board has decided, in the interests of good corporate governance, to ask shareholders to approve the transaction. They will get to vote on the deal on 15 April 2014.
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18 Mar 2014 1 min read
HICL Infrastructure : HICL – fee changes
HICL Infrastructure has announced a revision to its fee structure. Assets under construction will no longer be charged at a higher rate of 1.5% per annum. Assets under management in excess of £2.25bn will be charged at 0.8% per annum. The fee changes take effect from 1st April 2014
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27 Jan 2014 1 min read
HICL Infrastructure : HICL – invests £23.5m
HICL has invested in two new investments – Holdfast Training Services (a 30 year concession to design, build, refurbish and maintain 32 buildings, 21 refurbishments and five training areas across the UK for the Royal School of Military Engineering) and the Sheffield BSF Schools Project (a 27 year PFI deal to build, finance, maintain and […]
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15 Jan 2014 1 min read
HICL Infrastructure : HICL – purchases and sales
HICL has sold two assets and bought another three, raising £5.8m in the process. the assets sold were HICL’s stakes in the Dorset and Swindon police projects and the assets acquired were the remaining 20% stakes they did not own in the Derby and Newport Schools projects and the Medway police project.
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14 Jan 2014 1 min read
HICL Infrastructure : HICL – acquisition in France
HICL has acquired an 85% interest in the University of Bourgogne PPP (four new academic buildings on the university campus) and a 90% interest in the Troisseruex by pass RD901 PPP (a 7km dual carriageway being built as a bypass for the town of Troissereux near Beauvais). The total outlay for the two projects is […]
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28 Nov 2024 1 min read
New inflation fears hamper infrastructure trusts’ recovery
by Val Cipriani, Investors Chronicle, November 28, 2024: Infrastructure investment trusts have seen their discounts to net asset value (NAV) widen, as higher government bond yields in the US and in the UK once again delay a potential recovery. The Association of Investment Companies’ infrastructure sector’s average discount reached 18.6 per cent on 25 November, […]
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07 Oct 2024 1 min read
When will these high-income investment trusts recover?
by Jennifer Hill from interactive investor, 7th October 2024: For income-seeking investors, the attraction of allocating to traditional infrastructure or renewable energy was clear: long-term, stable revenues that are often government-backed and inflation-linked. However, as interest rates rocketed and demand for alternative sources of income plummeted, these investment trust sectors seriously sold off, causing share prices to plunge […]
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01 Jul 2024 1 min read
Four Graphs explaining the investment trusts worth buying
Investment Week, 1 July 2024: In the latest instalment of the ‘Four graphs explaining’ series, experts discern which investment trusts are actually a buying opportunity amid wide discounts across the sector. At the time of publication, there are only 23 investment trusts across the entire Association of Investment Companies universe which are on a premium, […]
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19 Mar 2024 1 min read
Have investment trust dividend cuts created bargains?
by Dave Baxter, Investors Chronicle, March 19, 2024: While far from universally popular among investors, dividend cuts can sometimes be a blessing in disguise. They can drive share prices down to attractive levels while also allowing companies to put cash to better use. This is a premise that can feed into how some funds are […]
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08 Mar 2024 2 min read
The investment trusts banking on an IPO rebound
by Dave Baxter, Investors Chronicle, March 8, 2024: With its latest trading update unveiling a fifth straight annual loss, unquoted buy now, pay later business Klarna embodies some of the problems facing racy growth companies in recent times. Once seen as a promising name, the lender has struggled in the face of rising rates and […]
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14 Feb 2024 1 min read
Political infrastructure failings can be fixed
By James Carthew, QuotedData, for Trustnet, 14 February 2024: The Labour Party’s decision to abandon its green spending plan has attracted criticism from all sides. Its stance is that it was a plan born in a time of lower borrowing rates that is not feasible now However, there is an awful lot of investment needed […]
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19 Jan 2024 1 min read
Infrastructure trusts in ‘uncharted territory’
by Val Cipriani, Investors Chronicle, January 16, 2024: Infrastructure trusts are facing a “complex and time-consuming” process of handing back assets to the government, as a number of the projects they invest in approach their expiry date. Some trusts also have the added difficulty of replacing assets built through public private partnerships (PPP) and could […]
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13 Dec 2023 2 min read
The infrastructure trust with narrowing discounts
by Val Cipriani, Investors’ Chronicle, December 13, 2023: Infrastructure trusts have seen their average discounts to net asset value (NAV) narrow in the past month, as the decline of government bond yields brought some good news for the sector. But not all the trusts recovered to the same degree, overall discounts remain wide and the […]
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13 Nov 2023 2 min read
Why it’s a good time to invest in infrastructure
David Brenchley, The Times, Saturday November 11 2023: Infrastructure is all around us. From hospitals, schools and roads to the wind and solar farms that are used to power our lives. This omnipresence and the long-term need to build more of these assets have made infrastructure investment trusts popular. These trusts pool investors’ cash to […]
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09 Oct 2023 1 min read
James Carthew: I’ve bought DGI9 but I’m voting against Hipgnosis
James Carthew: I’ve bought DGI9 but I’m voting against Hipgnosis It feels sometimes as though an all-pervading gloom has descended on the investment companies’ sector as share price discounts continue to widen. It does not seem to matter how often you point out the illogicality of share prices (as I did in last week’s article), […]
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02 Oct 2023 1 min read
Investment trust insider on discount disconnects
Investment trust insider on discount disconnects – James Carthew: The SONG and dance about alternative NAVs One argument used by investors who justify the wide discounts on investment companies in ‘alternative’, non-equity assets is that the underlying net asset values (NAV) of their portfolios are overstated. Sometimes this is easy to counter, but in other […]
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07 Aug 2023 1 min read
Infrastructure and renewables – big yields, big discounts
Matthew Read, for Investment Week, 4 August 2023: The outlook for the UK equity market feels particularly depressed and it is not hard to see why. Even after June’s better-than-expected inflation figures, core UK inflation remains high, which suggests higher interest rates for longer. Commentators are expecting that the base rate, which at 5.25% is […]
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18 Jul 2023 1 min read
Investment trust discount dilemma: Is buying for less a bargain or a cause for concern?
By ANNE ASHWORTH, Daily Mail, 15 July 2023: When in a clothing store, the reduced rail is always my first destination. But my enthusiasm for a bargain is tempered by scepticism. The items may cost less, but they must also be the pieces my wardrobe needs, rather than impulse purchases. The same considerations apply when […]
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12 Jun 2023 1 min read
Bargain Hunter: sizing up ‘cheap’ investment trusts on 5%-plus yields
by Kyle Caldwell from interactive investor, 8 June 2023: For investment trust fans now is one of the best opportunities over the past decade to try and pick up a bargain, as the chart below from stockbroker Numis shows. The average equity investment trust is trading on a discount a smidge over 10%, while those […]
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01 Jun 2023 1 min read
Investment trusts ditch their ‘inflation protection’ tag
By Val Cipriani, Investors’ Chronicle, June 1, 2023: Investment trusts are announcing below-inflation dividend increases, making it more difficult for investors to maintain the real value of their income – although some might be able to catch up in 2024 or 2025. Last week, core infrastructure trust HICL Infrastructure (HICL) said it intends to maintain […]
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05 Apr 2023 1 min read
Infrastructure trusts ‘cheaper than they should be’
By Val Cipriani, Investors Chronicle, April 4, 2023: Social and economic infrastructure trusts continue to trade below their net asset value (NAV) despite an encouraging set of financial results, as worries over interest rates and valuations spooked investors. In the month to 31 March, share prices in the Association of Investment Companies’ infrastructure group dropped […]
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21 Nov 2022 1 min read
Investment trusts hold up as refinancing risks loom
By Dave Baxter, Investors’ Chronicle, November 17, 2022: Is the cure worse than the disease? Some might feel that way about central banks raising interest rates to tackle inflation: a sharp increase in the cost of borrowing has already caused pain in various parts of the UK economy, from a fixed income sell-off to the […]
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03 Oct 2022 1 min read
Investment trust insider on discount rates
Investment trust insider on discount rates – James Carthew: Rising discount rates could make loan terms a problem for ‘alt’ funds Alternative assets have been the fastest growing part of the investment companies’ sector for many years now. At first, the real excitement was about hedge funds and funds of hedge funds (which largely came […]
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12 Jul 2022 1 min read
Why these defensive investments will continue to deliver
Sam Benstead from interactive investor, 12th July 2022: Amid a sea of red this year, one sector is flashing green: infrastructure and renewables. Investors have had very few places to hide this year, as higher interest rates and inflation spark an exodus from the stock market. Year-to-date, US shares have fallen around 20% (S&P 500 […]
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21 Jan 2022 1 min read
The investments to beat inflation: These six shares and five investment trusts can keep rising
ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY, 15 January 2022: You need only look at your weekly food shopping receipt to know that prices are rising. …some companies are better able to deal with inflation than others because they are able to pass on rising costs to their customers… Here are stocks, and four funds, that […]
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23 Jul 2020 1 min read
Investment trust insider on infrastructure
Investment trust insider on infrastructure – James Carthew: infrastructure trusts look safer than equity While we haven’t yet seen a new issue, the market for fundraising by investment companies appears to be fairly healthy despite the wider economic malaise. If you are raising money in the current environment, it helps if your investments aren’t much correlated […]
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24 Sep 2019 1 min read
Investment trust insider on HICL Infrastructure
Investment trust insider on HICL Infrastructure – James Carthew: HICL may wobble, won’t fall down Shares in the three largest listed infrastructure stocks – HICL (HICL), 3i Infrastructure (3IN) and International Public Partnerships (INPP) – today stand on respective premiums of 8.6%, 27% and 6.3% above net asset value (NAV). Eighteen months ago they traded at […]
