HSBC trust places 103.6m shares to pay debt

The board of the £300m HSBC Infrastructure trust has raised £103.6m by placing 103.6m new shares.

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Proceeds will be used to pay off existing borrowings, the team said, which is expected to provide better flexibility in making further investments in the infrastructure sector.

The trust's portfolio comprises around 30 properties, mostly public services sites or government buildings. Its top 10 holdings include the Bishop Auckland Hospital, Central Middlesex Hospital, Colchester Garrison and Dutch High Speed Rail Link.

The company is run by a team of 17 infrastructure experts, head up by Gareth Craig, director and head of infrastructure fund management at HSBC.

Graham Picken, chairman of HSBC Infrastructure, said: "We are pleased by the response from existing and new investors to our fundraising. We are now well positioned to take advantage of opportunities to expand HICL's portfolio as and when they arise."

Over the past year the fund has returned 18.1 per cent against the AIC Specialist Infrastructure sector average of 15.3 per cent.

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