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John Laing to sell Australian wind farms to First Sentier for about £157m
StockMarketWire.com
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Infrastructure investor John Laing said it had agreed to sell a portfolio of Australian wind farms to First Sentier Investors for $285 million, or about £157 million.
The sale value represented a small uplift to John Laing's book value for the portfolio as at 30 June 2020, and was equivalent to a money multiple on its investment of 1.5 times, the company said.
The portfolio consisted of interests in six wind assets in South Australia, Victoria and Tasmania, with a total capacity of 514 megawatts, in which John Laing has an aggregate economic interest of 209MW.
Sale conditions included customary consents, regulatory approvals and notification periods, which were expected to be satisfied by early 2021.
'Under the group's dividend policy, shareholders will share in the success of this realisation, whereby the group will pay approximately 5-10% of gross proceeds received from the sale of investments on an annual basis,' John Laing said.
Story provided by StockMarketWire.com
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