Aus & NZ: HICL sells Australian desal stake at 7% premium

29 August 2018 - 12:00 am UTC

HICL Infrastructure Company has agreed to sell its stake in the largest desalination plant in the southern hemisphere and its sole Australian asset for around AUD 160.5m (GBP 89m).

The London-listed infrastructure investor said on Wednesday (29 August) that it expects to reach financial close next quarter on the sale of its 9.7% interest in the AquaSure Desalination PPP Project in the State of Victoria.

The sale price represents a 7% premium over the AUD 150m valuation of the investment as of 31 March, HICL said. The name of the buyer was not disclosed.

HICL, which acquired the stake in the AUD 4.5bn project from InfraRed Environmental Infrastructure Fund in 2014, said it continues to seek opportunities in Australia.

In April, HICL sold its 100% stake in the Highland Schools PPP2 Project for GBP 56.2m to Equitix at a GBP 9.7m premium.

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