3i Infrastructure sells its 50% holding in Alpha Schools for £21.2 million
3i Infrastructure plc (“3i Infrastructure” or “the Company”) announces today that it has sold its 50% holding in Alpha Schools (Highland) Holdings Limited (“Alpha Schools”) to a wholly-owned subsidiary of HICL Infrastructure Company Limited, which already owns the balance of the investment.
The sale of the Company’s investment in Alpha Schools, which was held through a subsidiary undertaking, generates gross proceeds of £21.2 million, representing a premium to the Company’s most recent valuation for the investment of £19.4 million (as at 30 September 2012).
Alpha Schools, a concession company under a PFI contract to build, operate and maintain 11 new schools in Scotland, was part of the initial portfolio seeded into 3i Infrastructure at its IPO in 2007. 3i Infrastructure has owned Alpha Schools through its construction phase and is realising value now that the asset is performing well in its operational phase.
The Board expects that the proceeds from the sale will be redeployed in the European infrastructure market.
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For information please contact:
Peter Sedgwick Chairman, 3i Infrastructure plc +44 1534 711 444
Silvia Santoro Investor and press enquiries +44 20 7975 3258
3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company that invests in infrastructure businesses and assets and is regulated by the Jersey Financial Services Commission. The Company is building a diversified portfolio of infrastructure investments across the globe, with a focus on Europe and India. As of 30 September 2012, 3i Infrastructure had a portfolio of 15 assets valued at £886 million and net assets of £1,071 million. The Company listed on the London Stock Exchange in March 2007, raising £703 million in an initial public offering and a further £115 million in a subsequent placing and open offer in July 2008, and is a constituent of the FTSE 250 index.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Services Authority and acts as Investment Adviser to 3i Infrastructure plc.