Hogan Lovells Advises John Laing Infrastructure Fund in its Acquisition of a Portfolio of Social Housing Assets
27 January 2012
LONDON, 27 January 2012 - Hogan Lovells has advised John Laing Infrastructure Fund (the "Fund"), the international PPP/PFI infrastructure investment company, in its acquisition of a stake in three social housing PPP/PFI projects from United House Group, a social housing specialist, for £30.5 million. These are the first assets acquired by the Fund where there has been no prior involvement from the John Laing group.
This is the most recent acquisition in a string of transactions and fundraisings in the latter half of 2011 that have led to the shares of John Laing Infrastructure Fund entering the FTSE 250 on 19 December 2011 slightly over one year after it launched its IPO in November 2010. Since then, Hogan Lovells has advised the Fund on the purchase of a diverse portfolio of assets, including schools, hospitals and roads projects, from members of the John Laing group and from third party sellers.
The acquisitions were funded by a share issue in September 2011 in which the Fund raised £131m through an open offer and placing to the market.
This is the latest in a string of high profile transactions in the UK's infrastructure market on which Hogan Lovells has advised recently and indicates that 2012 will continue in the same vein for the infrastructure and project finance and investment funds teams as the second half of 2011.
Hogan Lovells advised Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) on its successful £212 million initial public offering, announced last week, the first initial public offer on the main market of the London Stock Exchange since July; and 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 Hogan Lovells team advising the Fund on the acquisition was led by London infrastructure and project finance partner Philip Brown, with assistance from senior associate Charles Ford and associate Rachel Candler. The Fund also received advice from Nabarro LLP, led by Robin Baillie and Garnett Consulting Limited. United House Group was advised by a team from Ashurst LLP led by partner Jan Sanders.
The Hogan Lovells team advising on the associated fund raising was jointly led by Philip Brown and London investment funds partner Erik Jamieson with assistance from senior associate Charles Ford.
Philip Brown, partner, said:
"These transactions demonstrate that the infrastructure market continues to be an attractive investment option and show that interest has remained vibrant even during the economic downturn"