Foresight Group (Foresight) is pleased to announce the completion of the acquisition of a £3.2 million aggregate stake in the Staffordshire Schools PFI project and Sandwell Schools PFI project (the Projects) in West Midlands.
The Projects boost Foresight’s portfolio of secondary PFI infrastructure assets to four Schools PFI projects and the number of individual school buildings under management to thirteen. These acquisitions closely follow Foresight’s recent acquisitions of the Drumglass High School PFI project in Northern Ireland (October 2012) and Stirling Schools PFI project in Scotland (December 2012).
Secondary market PFI assets form a key component of Foresight’s wider infrastructure investment portfolio and Foresight is in exclusive discussions to acquire four health PFI projects and anticipates securing further acquisition targets in the near future.
Richard Thompson, Senior Investment Manager at Foresight commented: “Our schools infrastructure portfolio comprises projects that offer strong yield and performance track records. It is our intention to make future primary market equity investments alongside strong contractor partners.”
Foresight is actively seeking further investments in the market and in addition to monies from 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:
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).
Foresight manages the most successful VCT of all time, Foresight VCT (source Tax Efficient Review), which has returned more than £1.80 to investors in dividend payments since launch in 1997.
In the solar sector, Foresight’s solar funds have invested in more than £310 million of operating PV assets in the UK, Italy and Spain.
In 2012 Foresight 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.