HSBC Infrastructure Co Ltd (LSE: HICL) said it has completed the acquisition of a 30 percent interest in the Renfrewshire Schools Private Finance Initiative project from a subsidiary of Carillion PLC (LSE: CLLN) for £6.8 million.
The acquisition of equity and loan notes is payable in cash from existing resources. It takes the number of projects in HICL's portfolio to 29.
The project comprises ten primary and secondary schools, all located in Renfrewshire. It was developed and built by Carillion and has been operational since January 2008.
A subsidiary of Grupo Ferrovial division Amey PLC operates the schools under a long-term services agreement. Amey Ventures Investment Ltd and an infrastructure fund managed by the Bank of Scotland, part of Lloyds Banking Group (LSE: LLOY), are both 35 percent co-shareholders in the project.