Pre-close Update
Highlights
· Total investment commitments of £72 million with a strong pipeline and positive outlook in core markets
· Total realisations to date of £42 million, on track to achieve full year target of c.£100 million
· John Laing's shares will be included in the FTSE250 Index with effect from today
Investment Activity
· International Primary Investment activities continuing as planned, with good levels of bidding activity across all our core markets of Europe, North America and Asia Pacific
· Public Private Partnerships ("PPP"): £41 million investment commitment in February 2015 to the Sydney Light Rail project
· Renewable Energy: Two wind farm investment commitments in the second quarter of 2015 totalling £31 million with estimated installed capacity of c.55MW, in Ireland and Sweden
Realisations
· Three operational renewable energy assets sold in April 2015 for total cash consideration of £42 million
· Further disposals are in progress, in line with the Group's target for the full year
Investment Portfolio
· Major projects under construction progressing according to schedule
· Operational projects continuing to perform to plan
· First train for Phase 1 of the Intercity Express Programme undergoing testing on the UK rail network
· First distribution from Manchester Waste projects expected shortly
· As announced on 15 June 2015, agreement reached with the Victorian Government regarding the cancellation of the East West Link project, resulting in the return in full of John Laing's investment commitment
Pension Fund
· £27 million scheduled contribution paid in late March 2015 to the John Laing Pension Fund in line with the agreed deficit recovery plan
Outlook
· Pipeline of new investment opportunities remains strong in both PPP and Renewable Energy, supported by our relationships with key partners
· Full year investment commitment target remains at £150 - 200 million, with potential commitments weighted towards the second half of 2015 as previously flagged
· Market demand remains strong for secondary infrastructure investments
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