HICL exits schools PFI bundle

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Investor HICL has sold its shares in the Bradford Building Schools for the Future 1 & 2 bundles.

The firm exited for a value for around £37m, representing an 8% premium on its latest valuation this year.

Earlier this year, HICL, along with its fund manager InfraRed Capital Partners, refinanced the project.

Proceeds from the sale, which is expected to be completed by the end of the year, will be put toward reducing HICL’s revolving credit facility’s drawn balance.

“This transaction builds on HICL's long track record of delivering value enhancement through active asset recycling, and we continue to progress disposal opportunities where these deliver shareholder value,” said Edward Hunt, InfraRed’s head of core income funds.