John Laing to float infrastructure fund

 
City A.M. Reporter
Infrastructure group John Laing has announced its intention to list an infrastructure fund in London raising up to £270m.

Laing, owned by asset manager Henderson Group, will sell up to £256m of yielding infrastructure assets to the newly formed John Laing Infrastructure Fund, in a move that was flagged up earlier this month.

This forms part of the group's strategy to sell interests in mature infrastructure projects, the company said.

John Laing will subscribe for at least 20 per cent of the shares issued in the listing up to a maximum of 24.9 per cent, the company said in a statement.

JLIF will use the proceeds to acquire a seed portfolio of 19 investments from the John Laing Group and is targeting an initial annualised yield of six per cent per annum.

The IPO is expected to be launched in the next few weeks with J P Morgan Cazenove appointed as global co-ordinator and is joint bookrunner with Barclays Capital and RBS Hoare Govett.