LONDON (ShareCast) - (Sharecast News) - HICL Infrastructure announced its decision to sell its equity interests in the University of Sheffield Accommodation Project on Monday for £18m.
The FTSE 250 company said the sale represented a slight premium compared to its valuation at the end of March, describing it as a strategic move to improve its portfolio composition and enhance key metrics.

It said the disposal aligned with its consistent strategy of active asset recycling, aimed at delivering capital growth.

The proceeds were expected to reduce the balance on the company's £650m revolving credit facility (RCF).

Following the completion of all its announced disposals, HICL expected that the outstanding amount on the facility would be around £115m.

Completing this sale was contingent on customary third-party consents and was expected to be finalised before the end of the year.

"This latest transaction takes the total number of disposals for the year to nine, evidencing our active approach to asset recycling and the company's ability to reduce debt in a value accretive manner, notwithstanding wider macroeconomic volatility," said Edward Hunt, head of core income funds at HICL's investment advisor InfraRed.

At 0920 GMT, shares in HICL Infrastructure were up 0.84% at 127.46p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE