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Two of the projects have been operational for more than three years and the other project is 95% operational with the balance due for early completion this month.
The acquired assets are:
- 50% stake in Camden - a round 1 Housing PFI Pathfinder Project;
- 45% stake in Islington I - a refurbishment and 30-year management and maintenance contract for 2,348 properties;
- 45% stake in Islington II - a refurbishment and 16-year management and maintenance contract of 4,124 properties.
JLIF investment adviser Andrew Charlesworth said: “This is a rare opportunity to acquire one of the largest housing portfolios in the UK PFI market. We are an experienced operator of social housing projects, and these three high quality projects, located in the heart of London's prime real estate market, are operationally mature, with minimal retained risk and stable cash flows and match our appetite for low risk, high yielding assets."
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