UK: Nabarro Advises On Up To £50m Fundraise And £39m Acquisition Of PFI/PPP Projects For John Laing Infrastructure Fund

Nabarro is acting for FTSE 250 international PPP infrastructure investment company John Laing Infrastructure Fund Limited ("JLIF") on its placing to raise up to £50m and acquisition of three PFI/PPP projects from the John Laing Group (John Laing plc and its subsidiaries) and a stake in one of the projects from the John Laing Pension Trust.

The acquisition is subject to customary consents being obtained and comprises the acquisition of stakes in the South East London Police Stations project (four police stations in south east London) and Groningen Information Management and Tax Authority Office and associated car parking facilities in Holland and 100 per cent of the Birmingham Mental Health project (seven specialist mental health facilities). The consideration is approximately £39m.

Commenting on the transaction, Paul Lester, Chairman of JLIF, said:

"JLIF has grown consistently since its launch in November 2010. In that time, we have raised some £800 million of funds and invested in a portfolio of 52 low risk, high quality infrastructure assets, and the Company has delivered a 38% share price total return for shareholders. These new projects are operationally mature, with minimal retained risk and stable cash flows, and match our appetite for low risk, high yielding assets, allowing us to continue to deliver a stable and secure income to our shareholders."

The Nabarro team acting on the placing was led by Corporate partner Kristy Duane and senior corporate associate Rizwan Rahman. The acquisition team was headed up by Corporate partner Alasdair Steele, senior associate Matthew Leake, associate Jamie Evans and trainee Ross Hockley, alongside Infrastructure, Construction and Energy partner Robin Baillie and senior associate Anna Le Jehan.

Commenting on the transaction, Kristy Duane said:

"We are delighted to be working with JLIF again as they continue to raise capital and build their portfolio, which, following completion of the acquisition, will comprise 55 infrastructure assets."

Norton Rose is acting for JP Morgan Cazenove on the placing and CMS Cameron McKenna is acting on behalf of the John Laing Group.

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