Hogan Lovells Closes Four Infrastructure Funds Deals
14 December 2010
LONDON, 14 December 2010 - Hogan Lovells has advised on four key infrastructure funds deals in the last two weeks. The deals for, among others, HSBC, John Laing, and Lend Lease have a combined value of approximately £650 million.
In the latest deal, which closed on Monday, 13 December, Hogan Lovells advised HSBC Infrastructure Company Ltd on a placing, open offer and subscription offer of C shares to raise £110 million to invest in PFI/PPP projects. Hogan Lovells advised the Fund on all aspects of the capital raising. The Fund was the first ever infrastructure fund to be listed on the main market of the London Stock Exchange (with legacy-Lovells advising HSBC on that launch).
On 10 December Lend Lease launched the Lend Lease PFI/PPP Infrastructure Fund with PGGM Vermogensbeheer BV committing £200 million in capital to the Fund to invest in social infrastructure assets. Hogan Lovells advised Lend Lease on the structuring of the Fund, the sale of a seed portfolio of PFI/PPP assets to the Fund, and on all aspects of the negotiations with PGGM.
On 9 December, a leading PFI player, advised by Hogan Lovells, reached first close on a UK PFI/PPP fund with investor commitments of £50 million.
The final deal, the IPO of the John Laing Infrastructure Fund, was announced on 29 November. Hogan Lovells advised John Laing Infrastructure Fund Limited on its listing on the London Stock Exchange to raise £270 million, to invest in a number of infrastructure assets. The fund is fully seeded with assets from the John Laing group and is the second largest fund IPO on the main market of the London Stock Exchange of 2010.
The Hogan Lovells core team comprised infrastructure/projects partner Philip Brown (HSBC, Lend Lease and John Laing), investment funds partner Nick Holman (Lend Lease), and investment funds partner Erik Jamieson (John Laing). The core team was supported by tax partners Kevin Ashman and Karen Hughes, and competition partner Lesley Ainsworth, and investment funds 'of counsel' Felicity Cole, together with a team of supporting associates.
Philip, Nick and Erik, said:
"This latest batch of deals tops off an incredible year for us in the infrastructure funds space and confirms our leading position in this market. Clients consistently cite our ability to put together a team which combines both infrastructure and funds expertise which few firms can match as the reason why we are the go-to firm for this work."
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