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JLIF acquires additional interest in metro project

05 May 2016 07:37

John Laing Infrastructure Fund Limited has entered into an agreement with Acsa, Obras e Infraestructuras - a member of the Sorigue group - to acquire an additional 13.5% interest in the Barcelona Metro Stations Line 9 Section II project.

JLIF's existing 40% interest in Section II was acquired in January 2016 from Iridium Concesiones de Infraestructuras, a subsidiary of Grupo ACS, and was the subject of a separate announcement at that time. In addition, JLIF has entered into an agreement to acquire from Acsa a 13.5% interest in the Barcelona Metro Stations Line 9 Section IV project ("Section IV") which runs further north to Section II.

The aggregate consideration for the incremental investment in Section II and the acquisition of the interest in Section IV, which are expected to complete over the coming weeks (subject to the customary consents), is the Euro equivalent of approximately £50 million and will be funded through JLIF's currently undrawn £180 million multi-currency revolving credit facility.

JLIF says these acquisitions further consolidate its entry into the Spanish PPP market and increase the total number of assets in JLIF's portfolio to 60.

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