John Laing Infrastructure Fund invests in BC hospitals project

John Laing Infrastructure Fund (JLIF), which is managed by London, U.K.-based John Laing Capital Management, has completed its acquisition of a 50 percent interest in Kelowna Vernon Hospitals in British Columbia, a long-term P3 project. The undisclosed deal is JLIF’s third investment in the Canadian secondary P3 market. Bilfinger Berger Global Infrastructure (BBGI) earlier this month announced its purchase of the other 50 percent of the project. BBGI is an infrastructure investment firm incorporated in Luxembourg.

PRESS RELEASE

John Laing Infrastructure Fund completion of acquisition

28 November 2013

In October 2013, JLIF, the listed infrastructure investment company, completed a successful capital raise of GBP242.3m, the largest in the fund’s history since listing. Following the subsequent acquisition of the Barnsley BSF project, JLIF is pleased to announce that it has today completed the acquisition of a 50% shareholding in the Kelowna & Vernon Hospitals P3 project.

The Kelowna & Vernon Hospitals project marks JLIF’s third investment in the Canadian secondary P3 market to date and takes the total portfolio to 51 projects. Following the acquisition, Canadian assets now account for 12% of JLIF’s portfolio by value[1].

David Marshall from John Laing Capital Management (“JLCM”), Fund Manager to JLIF, said:

“We are delighted to announce the acquisition of this high quality asset following the largest capital raise we have competed since our listing in 2010. This asset further diversifies JLIF’s portfolio and JLIF has now acquired GBP201.0 million of projects in 2013. The existing debt facility has already been repaid in full using the proceeds of the capital raise and we continue to actively seek new growth opportunities.”

For further information, please contact:

JLCM 020 7901 3326
David Marshall

Andrew Charlesworth

RLM Finsbury 020 7251 3801
Faeth Birch

Philip Walters

[1] based on a 30 September valuation and adjusting for subsequent acquisitions

Photo of Kelowna Vernon Hospitals courtesy of Partnerships British Columbia.