John Laing Infrastructure snaps up two more assets

John Laing Infrastructure Fund has acquired full ownership of a British Transport Police project and agreed to buy a majority of an Oldham social housing project.

The FTSE 250 fund will spend £22m on the two investments, drawing down from its £180m revolving credit facility.

A placing of 81.2m shares is due to complete on 7 March, to repay the funds drawn on the facility.

As foreshadowed in a trading statement last week, the fund's managers are in discussions for close to £150m-worth of further infrastructure assets.

JLIF will purchase a 95% interest in the Oldham project and 100% of the BTP project, with both projects already fully operational.

The company said completion of the acquisition of the Oldham Social Housing project was expected in the coming weeks, subject to the satisfaction of certain conditions.

The discount rate applied for the valuation of these two projects was within the range used for the valuation of JLIF's portfolio as at 31 December 2015.