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JLIF completes Oldham PPP acquisition

31 May 2016 09:24

John Laing Infrastructure Fund has completed the acquisition of a 95% interest in the Oldham Social Housing PPP project.

The project has been fully operational since January 2015 and benefits from an availability-based payment mechanism. The acquisition was made under the terms of the First Offer Agreements between JLIF and John Laing Group plc.

The combined consideration for the interest in this project and the 100% interest in the British Transport Police project (which completed on 29 February 2016) is approximately £22 million. The £22 million combined consideration formed part of the approximately £150 million of UK and Western European PPP assets on which JLIF was in advanced discussions on, referred to in the Trading Update and Placing announcements made on 25 February 2016. The consideration will be funded by drawing on JLIF's £180 million multi-currency revolving credit facility which is currently undrawn.

The discount rate used to value the interest is within the range used for the valuation of JLIF's portfolio as at 31 December 2015.

At 9:24am: (LON:JLIF) John Laing Infrastructure Fund Ltd share price was -0.2p at 122.6p

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