StockMarketWire.com - John Laing Group, the international originator, active investor and manager of infrastructure projects, has reached agreement to sell five UK investments to John Laing Infrastructure Fund.

John Laing Group also announced that it was increasing its realisation levels for 2017.

It said the investments being sold were:

- 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.

It said the combined consideration, which was in line with the most recent portfolio valuation, amounted to £104 million (before costs), of which £4 million would be deferred.

It said that subject to the satisfaction of various conditions and consents, completion of each sale and purchase agreement was expected to take place by mid-November.

The group said that as a result of the realisations, together with the realisations already completed as at 30 Jun of £151 million, the realisations for 2017 to date would amount to £255 million.

It said this was ahead of its previous guidance for 2017 as a whole for realisations of approximately £200 million.

Looking ahead, the group currently had other realisation processes underway, some of which had the potential to reach completion before 31 Dec.

Chief executive Olivier Brousse 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.'


At 8:21am: [LON:JLG] John Laing Group Plc share price was -1.6p at 289p



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