International Public Partnership Ld Divestment of Sheffield BSF stake (1548S)
September 22 2014 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 1548S
International Public Partnership Ld
22 September 2014
22 September 2014
INPP divests its stake in Sheffield Building Schools for the
Future project
International Public Partnerships Limited (INPP) is pleased to
announce the disposal of its minority interests in the Sheffield
Building Schools for the Future ('BSF') project.
The sale follows similar divestments of non-strategic minority
stakes from the BSF portfolio earlier in the year. The Company is
conducting the divestment on an opportunistic basis having received
an unsolicited offer for the investment from HICL Infrastructure
Company Limited ('HICL'), who currently hold a 40% stake in the
project.
The effective 19% interest will be acquired for GBP3.2 million,
which is in excess of the price paid by the Company on acquisition
in August 2011 and offers a premium to the 8-9% internal rate of
return ("IRR") target of the Company(1) . The ability to transact
at these levels provides a continuing indication of the demand for
assets in the secondary market.
INPP expects to re-invest the proceeds from the sale in the
current pipeline of new infrastructure opportunities being
developed by the Company and its investment adviser.
Chairman of INPP, Mr. Rupert Dorey, added: "The divestment of
the Sheffield BSF interests once again demonstrates the value that
the initial acquisition of the BSF Investment portfolio brought to
the Company and level of demand for such assets in the secondary
market. It also demonstrates the value of the Company's
differentiated approach of self-originating assets in sectors in
the infrastructure market that are less competitive."
[1] IRR target is based on the Initial Public Offer issue price
of 100 pence per Ordinary Share and to be achieved over the
long-term
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
Notes to Editors:
About International Public Partnerships (INPP):
International Public Partnerships (INPP) is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships (PPP), private finance initiative (PFI), regulated
asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 115 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the U.K., Europe, Australia and Canada. INPP seeks to
provide its shareholders with both a long-term 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 over 75 dedicated staff who manage, advise on and
originate projects for INPP.
Visit the INPP website at
www.internationalpublicpartnerships.com for more information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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