HICL sizes up assets abroad as values rise

 
City A.M. Reporter
ONE OF Britain’s biggest listed infrastructure investment funds is looking for more assets outside its home market as a UK model for funding public works projects with private money catches on overseas.

HICL, which invests in public infrastructure and concessions such as hospitals, roads and schools, said yesterday it added 10 new investments and boosted stakes in three others over the six months to September, spending £198m.

These were concentrated in the UK, a pioneer in the harnessing of private sector funding for government-led initiatives, which has in the past has helped to produce iconic projects such as the Channel Tunnel linking England and France.

Tony Roper, head of secondary infrastructure at InfraRed Capital, which acts as investment adviser to the fund, told Reuters the firm had made two more investments since September and now it wants to do more.

HICL said in an earnings statement for its half year that the value of its investment portfolio had increased 18.5 per cent since the end of March, when it was valued at £1.2bn.

Shares in the group closed down 1.9 per cent at 131.9p.