REG - HICL Infrastructure - Disposal of University of Sheffield Accommodation

HICL InfrastructureAnnouncement

13/11/2023 07:00

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RNS Number : 1579T  HICL Infrastructure PLC  13 November 2023

 13 November 2023

 

HICL Infrastructure PLC

"HICL" or "the Company" and, together with its subsidiaries, "the Group", the
London-listed infrastructure investment company managed by InfraRed Capital
Partners Limited ("InfraRed" or "the Investment Manager".)

HICL Announces Disposal of University of Sheffield Accommodation

for a consideration of c. £18m

 

·    Sale represents a small premium to the Company's valuation at 31
March 2023

·    Transaction is accretive to key portfolio metrics and improves
portfolio composition

·    Continues HICL's track record of delivering capital growth through
active asset recycling

The Board is pleased to announce that HICL has entered into an agreement to
dispose of its entire equity interests in the University of Sheffield
Accommodation Project for a consideration of c. £18m. Proceeds from the sale
represent a small premium to the Company's last audited valuation at 31 March
2023, which has been reflected in the recently published 30 September 2023
NAV. This transaction is further evidence of the value of HICL's portfolio and
the disconnect between public and private market valuations for high-quality
infrastructure assets.

Completion is expected before the end of the year, subject to customary
third-party consents. Proceeds from the transaction will be used to reduce the
balance on the Company's £650m Revolving Credit Facility ("RCF"). Following
completion of all announced disposals, drawings on the RCF are expected to be
c. £115m.

Edward Hunt, Head of Core Income Funds at InfraRed said:

"This latest transaction takes the total number of disposals for the year to
nine, evidencing our active approach to asset recycling and the Company's
ability to reduce debt in a value accretive manner, notwithstanding wider
macroeconomic volatility."

-Ends-

 

Enquiries

InfraRed Capital Partners Limited
                                          +44 (0) 20 7484
1800 / info@hicl.com (mailto:info@hicl.com)

Edward Hunt

Helen Price

Mohammed Zaheer

 

Brunswick
                                                 +44
(0) 20 7404 5959 / hicl@brunswickgroup.com (mailto:hicl@brunswickgroup.com)

Sofie Brewis

 

Investec Bank plc
 
                                        +44(0) 20 7597
4952

David Yovichic

 

RBC Capital Markets
 
                                   +44 (0) 20 7653 4000

Matthew Coakes

Elizabeth Evans

 

Aztec Financial Services (UK) Limited
 
                 +44(0) 203 818 0246

Chris Copperwaite

Sarah Felmingham

 

HICL Infrastructure PLC

HICL Infrastructure PLC ("HICL") is a long-term investor in infrastructure
assets which are predominantly operational and yielding steady returns. It was
the first infrastructure investment company to be listed on the London Stock
Exchange.

With a current portfolio of over 100 infrastructure investments, HICL is
seeking further suitable opportunities in core infrastructure, which are
inherently positioned at the lower end of the risk spectrum.

Further details can be found on the HICL website www.hicl.com
(http://www.hicl.com/) .

 

Investment Manager (InfraRed Capital Partners)

The Investment Manager to HICL is InfraRed Capital Partners Limited
("InfraRed") which has successfully invested in infrastructure projects since
1997. InfraRed is a leading international investment manager, operating
worldwide from offices in London, New York, Seoul and Sydney and managing
equity capital in multiple private and listed funds, primarily for
institutional investors across the globe. InfraRed is authorised and regulated
by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 100 investment
professionals, all with an infrastructure investment background and a broad
range of relevant skills, including private equity, structured finance,
construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and
investment decisions, promotes ethical behaviour and has established community
engagement initiatives to support good causes in the wider community. InfraRed
is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website www.ircp.com
(http://www.ircp.com/) .

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