Foresight Group (Foresight) is pleased to announce the acquisitions of interests in four operational PFI healthcare projects including Lochgilphead Hospital, Bishop Auckland Hospital, Wharfedale Hospital and Stobhill Local Forensic Psychiatry Unit.
Foresight paid £11 million for the stakes in the four assets which are located in Scotland and Northern England.
The acquisition brings Foresight’s growing portfolio of secondary PFI infrastructure assets to eight, comprised of four in the education sector and four in the healthcare sector.
Secondary market PFI assets form a key component of Foresight’s wider infrastructure investment portfolio and Foresight anticipates securing further acquisition targets in the near future.
Richard Thompson, Senior Investment Manager at Foresight commented: “These four assets complement the existing assets in our PFI portfolio exhibiting strong yield and performance track records and average concession lives in excess of 20 years. In addition to further secondary PFI acquisitions, it is our intention to make future primary market equity investments alongside strong contractor partners in the UK and Western Europe.”
Foresight is actively seeking further investments in the market and, in addition to monies from its innovative Infrastructure VCT shares, expects to deploy funds raised through the Foresight Inheritance Tax Solution (“Foresight ITS”) which has an evergreen fundraising plan targeting deployment of up to £50m per annum in larger ticket PFI and infrastructure transactions.
Notes to editors: About Foresight
Foresight is an independent alternative asset manager which focuses primarily on investments in unquoted UK and European companies or projects and offers investors exclusive access to attractive income and growth opportunities.
Foresight has in excess of £650 million assets under management across a number of funds, including Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs) and offices in the UK, Italy and the USA where it recently opened an office in San Francisco to acquire solar infrastructure assets in North America for institutional investors.
Foresight has been appointed by the Green Investment Bank to manage £50 million of an initial £80 million investment fund set aside by UK Government to invest in green infrastructure across the UK.
Foresight has raised over £25 million for its Solar EIS Fund 2 in six weeks to 5th April 2013, while in 2012 it launched Foresight ITS, an Inheritance Tax Solution product that uses Business Property Relief (BPR) qualifying investments to provide IHT exemption after two years and which targets capital preservation by investing in infrastructure projects including secondary PFI and ground mounted PV solar plants.