John Laing-backed green fund raises £160m in London float
A JOHN Laing-backed infrastructure fund yesterday said it has raised £160m in an initial public offering and will invest the proceeds in a portfolio of renewable energy, waste and waste water assets in the UK.
John Laing Environmental Assets Group (JLEN) will acquire the portfolio of assets from infrastructure group John Laing and a fund managed by Henderson Equity Partners, which owns John Laing, when it begins trading on the premium segment of the London Stock Exchange on Monday 31 March.
John Laing Investments, part of the John Laing Group, is a cornerstone investor and had committed to subscribe for 24.9 per cent of the float.
“We are pleased by the response to the JLEN capital raise, recognising our differentiated product offering,” said chairman Richard Morse. “JLEN’s balanced portfolio of operating environmental infrastructure assets, our relationship with John Laing and our ability to provide a long-term, sustainable, inflation-linked dividend enabled us to attract a good mix of institutional and private investors.”
Barclays and Winterflood Securities are advising on the float.