Acquisition of two Australian Projects (5977Y)
December 24 2010 - 5:55AM
UK Regulatory
TIDMINPP
RNS Number : 5977Y
International Public Partnership Ld
24 December 2010
24 December 2010
Acquisition of Additional Interests in two Australian
Projects
International Public Partnerships Limited ("INPP" or "the
Company") is pleased to announce that it has signed an agreement to
acquire additional 50% interests in two of its Australian projects,
Long Bay Forensic Prison Hospital in Sydney and the Melbourne
Showgrounds project. This will take the Company's interest in both
projects to 100%. Completion of the acquisition is expected in
January 2011 following satisfaction of certain procedural
conditions.
The additional interests are being acquired from Brookfield
Infrastructure Partners L.P. for a total consideration of
approximately $15.25m (GBP9.92m). The purchase price reflects the
acquisition of the assets on a basis that is both accretive to the
Company in net asset value terms ("NAV") and in terms of yield.
Long Bay Forensic Prison Hospital
The Long Bay Forensic Prison Hospital project consists of the
design, construction and operation of an 85 bed prison hospital and
a 135 bed forensic hospital on the grounds of the Long Bay
Correctional Complex in Sydney, NSW, Australia. The concession was
awarded in July 2006 and runs for 28 years to 2034. The project has
been operational since 2008.
Melbourne Showgrounds
The Melbourne Showgrounds project includes the running of an
operational facility at the Royal Melbourne Showgrounds in
Melbourne, Victoria, Australia. The concession was awarded in
August 2006 and runs for 25 years to 2031.
Additional Information
Keith Dorrian, Chairman of the Company said: "We are delighted
to have reached agreement to acquire further investments in two
well performing Australian assets. In addition, there are a number
of new PPP projects that have recently been tendered in Australia.
Amber, our investment adviser is following the development of these
projects which, if successful, would further strengthen and
diversify our Australian business."
For further information:
Bianca Francis +44 788 052 7624
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Gascoigne-Pees/Ed Berry +44 (0)20 7269 7132/7297 Financial
Dynamics
Notes to Editors:
About International Public Partnerships (INPP):
International Public Partnerships Limited (INPP) is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships (PPP) and private finance initiative (PFI) procurement
methods.
Listed in 2006, INPP is a long-term investor in 55 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters and transport projects in the U.K.,
Europe, Australia and Canada. INPP seeks to provide its
shareholders with both a long-term government-backed yield and
capital growth through investment across both construction and
operational phases of 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to
INPP and consists of more than 50 dedicated infrastructure
specialists which originate and source a strong pipeline of
projects for INPP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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