Friday 20 May 2011

KAJIMA PARTNERSHIPS’ ACQUISITION OF INVESTMENTS IN THREE UK PFI SCHOOLS PROJECTS FOR £5.7MILLION

Kajima Partnerships Limited (KPL) announced today that it has acquired, in conjunction with one of its long-standing joint venture partners, HICL Infrastructure Company Limited (HICL), interests in three UK PFI schools projects from Kier Project Investment Limited and Dexia Credit Local for a total consideration of £5.7million (KPL’s share).

KPL and HICL have established a new joint venture holding company, in which KPL has a 25% interest, which has purchased:

  • a 100% interest in the Norwich Area Schools PFI Project;
  • a 100% interest in the Oldham Secondary Schools PFI Project; and
  • a 50% interest in the Sheffield Schools PFI Project.

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    KPL will manage the holding company and the acquired projects.

    The projects all reached Financial Close in 2005/2006 and have been operational for a number of years.

    The acquisition takes the number of infrastructure investments in KPL’s portfolio to 13.

    Julian Rudd-Jones, Managing Director of KPL, said “We are pleased to be extending our long-standing partnership with HICL and adding three further PFI projects to our existing portfolio.  We look forward to working with the Local Authorities and other stakeholders to ensure that these projects continue to be well managed and successful”.

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