In an interim management statement released today, the John Laing Infrastructure Fund (JLIF) said the value of its portfolio increased by 2.9 percent to £269.3 million (€305.4 million; $435.7 million) in the first quarter of this year. Net asset value (NAV) per share increased from 100.8p to 102.8p during the same period.
The statement also noted that, in April, the fund agreed the acquisitions of four projects from UK developer John Laing: Bentilee Community Centre and an additional stake in the Queen Elizabeth Hospital were completed in April, while Cleveland Police Headquarters and Roseberry Park (hospital) are due to be acquired shortly subject to consents.
Other highlights from the statement included: a successful tap issue that raised £27.4 million in April; a first dividend payout in line with expectations; the signature of a £25 million revolving credit facility with RBS; and the fund entered the FTSE SmallCap Index in March.
JLIF raised £270 million in a listing on the London Stock Exchange towards the end of last year, with the aim of using the proceeds to buy up to £256 million of mature, yielding infrastructure assets from John Laing, the UK developer, which said it would hold no less than 20 percent of the equity in JLIF.
John Laing said the sale of assets to JLIF was in line with its strategy of selling interests in mature infrastructure projects and reinvesting the proceeds into its pipeline of new primary development opportunities.