John Laing Group plc Announcement of sales to JLIF (2589U)
October 23 2017 - 2:00AM
UK Regulatory
TIDMJLG
RNS Number : 2589U
John Laing Group plc
23 October 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Sale of five UK investments and increased realisation levels for
2017
John Laing Group plc, the international originator, active
investor and manager of infrastructure projects, announces that it
has reached agreement to sell five UK investments to John Laing
Infrastructure Fund (JLIF) and that it is increasing its
realisation levels for 2017.
The investments being sold are:
-- a further interest (9%) in the Intercity Express Programme
Phase 1 (IEP Phase 1) project (resulting in each of John Laing
Group and JLIF holding a 15% interest in the project);
-- its 50% interest in the Lambeth Housing project;
-- its interests in both the Coleshill Parkway (100%) and
Aylesbury Vale Parkway (50%) projects; and
-- its 5% interest in the City Greenwich Lewisham (DLR) project.
The combined consideration, which is in line with the most
recent portfolio valuation, amounts to GBP104 million (before
costs), of which GBP4 million will be deferred. Subject to the
satisfaction of various conditions and consents, completion of each
sale and purchase agreement is expected to take place by
mid-November.
As a result of the above realisations, together with the
realisations already completed as at 30 June 2017 of GBP151
million, the Group's realisations for 2017 to date will amount to
GBP255 million. This is ahead of our previous guidance for 2017 as
a whole for realisations of approximately GBP200 million.
Looking ahead, the Group currently has other realisation
processes underway, some of which have the potential to reach
completion before 31 December 2017. A further update on realisation
levels for 2017 will be given as these progress.
Olivier Brousse, John Laing Group's Chief Executive Officer,
said:
"We continue to see a strong pipeline of attractive investment
opportunities for new infrastructure projects, particularly in
North America and Australia. These disposals position us well to
take advantage of some of these opportunities."
Further information
Analyst/investor enquiries:
Patrick O'D Bourke, Group Finance Director +44 20 7901 3200
Media Enquiries:
James Isola, Maitland +44 20 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
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