John Laing Infrastructure makes largest acquisition since IPO

Investment company John Laing Infrastructure has made its largest portfolio acquisition since its IPO after buying £123m in new assets.

According to an announcement made today, an acquisition has been agreed with Investors in the Community LP to take on a portfolio of 11 operational and yielding assets.

The portfolio consists mainly of social infrastructure assets and will mark the trust’s most significant acquisition since its IPO. Projects in the portfolio include Leeds Combined Secondary Schools, Bexley Schools and Northampton Mental Health.

The projects are currently managed by public–private partnership infrastructure manager Mill Asset Management Group and will continue to be so after completion.

The projects are all fully operational and are also supported by government-backed, inflation-linked revenue streams, the investment trust says.

The transaction is expected to be completed over the coming month, as the customary consent process has still to be concluded.

John Laing Infrastructure says that the total consideration “is consistent with the current valuations of similar projects” in the trust’s portfolio.

The acquisition will be satisfied either wholly or partly in cash and also partly by the issue of new ordinary shares in the trust, the company adds.

John Laing Investment fund manager David Marshall says: “JLIF’s success in acquiring this high quality portfolio reflects our strong understanding of the infrastructure sector, and demonstrates the strength of our relationships with key market participants.

“JLIF remains confident about our future acquisition opportunities in what is a buoyant secondary market.”