HICL, the UK infrastructure investor managed by InfraRed Capital Partners, is selling seven public-private partnership assets to Dutch pension provider APG for around £225 million.
The sale covers half of HICL’s holdings in Pinderfields and Pontefract Hospitals in West Yorkshire and Southmead Hospital in Bristol, plus full equity in four NHS Local Improvement Finance Trust projects and Edinburgh Schools. A £14 million deferred payment is scheduled for June 2026, with the option to accelerate.
The transaction is expected to close by the end of December 2025, pending regulatory and third-party approvals. Post-sale, HICL’s exposure to healthcare will drop from 22 per cent to 16 per cent of its total portfolio. The company will maintain 50 per cent in Pinderfields and Pontefract Hospitals and 31.25 per cent in Southmead Hospital.
Proceeds will fund a £150 million share buyback, repay HICL’s revolving credit facility, and support around £110 million in existing investments. InfraRed will continue managing the assets for APG under a separate arrangement.
This move is part of HICL’s broader strategy to adjust portfolio composition and capital allocation, following £725 million raised through disposals over the past two years.
