John Laing Group plc Announcement of sales to JLIF (2589U)

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RNS Number : 2589U

John Laing Group plc

23 October 2017

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Sale of five UK investments and increased realisation levels for 2017

John Laing Group plc, the international originator, active investor and manager of infrastructure projects, announces that it has reached agreement to sell five UK investments to John Laing Infrastructure Fund (JLIF) and that it is increasing its realisation levels for 2017.

The investments being sold are:

-- a further interest (9%) in the Intercity Express Programme Phase 1 (IEP Phase 1) project (resulting in each of John Laing Group and JLIF holding a 15% interest in the project);

   --     its 50% interest in the Lambeth Housing project; 

-- its interests in both the Coleshill Parkway (100%) and Aylesbury Vale Parkway (50%) projects; and

   --     its 5% interest in the City Greenwich Lewisham (DLR) project. 

The combined consideration, which is in line with the most recent portfolio valuation, amounts to GBP104 million (before costs), of which GBP4 million will be deferred. Subject to the satisfaction of various conditions and consents, completion of each sale and purchase agreement is expected to take place by mid-November.

As a result of the above realisations, together with the realisations already completed as at 30 June 2017 of GBP151 million, the Group's realisations for 2017 to date will amount to GBP255 million. This is ahead of our previous guidance for 2017 as a whole for realisations of approximately GBP200 million.

Looking ahead, the Group currently has other realisation processes underway, some of which have the potential to reach completion before 31 December 2017. A further update on realisation levels for 2017 will be given as these progress.

Olivier Brousse, John Laing Group's Chief Executive Officer, said:

"We continue to see a strong pipeline of attractive investment opportunities for new infrastructure projects, particularly in North America and Australia. These disposals position us well to take advantage of some of these opportunities."

Further information

Analyst/investor enquiries:

   Patrick O'D Bourke, Group Finance Director    [phone] 

Media Enquiries:

   James Isola, Maitland                                         [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 23, 2017 02:00 ET (06:00 GMT)