Hogan Lovells Advises HICL Infrastructure Company Limited on £143.3m Acquisition of Barclays Infrastructure Funds Portfolio
13 January 2012
LONDON, 13 January 2012 - Hogan Lovells has advised HICL Infrastructure Company Limited (HICL) on the successful acquisition of interests in 26 UK and Irish private finance initiative (PFI) and public private partnership (PPP) projects from two infrastructure funds managed by Barclays Infrastructure Fund Management Limited. The deal was announced on 19 December 2011.
HICL, which is independently advised by InfraRed Capital Partners Limited (InfraRed), was the first infrastructure investment company to be listed on the London Stock Exchange back in 2006. This latest acquisition, which was funded by an existing debt facility, signifies an increase of approximately 30% in the number of investments in HICL's portfolio, bringing the total number of assets in HICL's investment portfolio to 70.
The acquisition is the latest in a string of high profile transactions in the UK's infrastructure market on which Hogan Lovells has advised recently and caps off what has been a busy second half of 2011 for the firm's infrastructure and project finance and investment funds teams.
Hogan Lovells advised Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) on its successful £212 million initial public offering, announced on 14 December, the first initial public offer on the main market of the London Stock Exchange since July; and John Laing Infrastructure Fund Limited (JLIF), a closed-end investment company established in November 2010, on its recent £131m open offer and placing, which completed at the end of October 2011, and the associated acquisition of interests in 10 PFI projects.
The Hogan Lovells team advising HICL was led by London infrastructure and project finance partner Philip Brown, assisted by Associate Thea Connolly. The Hogan Lovells teams advising BBGI and JLIF were jointly led by Philip Brown and London investment funds partner Erik Jamieson.
Commenting on these recent transactions, Philip said:
"The success of these deals in the latter half of 2011 demonstrates that investor interest in the public infrastructure market remains strong despite what has been a relatively turbulent year in financial markets."