LONDON, Oct 3 (Reuters) - UK construction company John Laing is poised to float some of its assets on the London Stock Exchange, according to a press report.
Laing, owned by asset manager Henderson Group, will spin out some of its assets into a new fund by year-end, according to the Infrastructure Journal, which cited a source close to the deal.
The report, dated Sept. 30, did not elaborate on the asset size or the reason why John Laing is seeking to raise funds. It said investment bank JP Morgan Cazenove is adviser to the deal. Henderson declined to comment, while John Laing was unavailable for comment.
A source familiar with the situation told Reuters the fund to be floated does not include assets of the Henderson PFI Secondary Fund II, which as of March this year had lost 60 percent of its value.
Investors in this infrastructure fund, including pension funds, have demanded compensation for the losses and threatened to take Henderson to court if it fails to do so. (Reporting by Cecilia Valente; Editing by Jon Loades-Carter)