International Public Partnership Ld INPP acquires additional BSF Interest (6776C)
June 29 2016 - 9:08AM
UK Regulatory
TIDMINPP
RNS Number : 6776C
International Public Partnership Ld
29 June 2016
29 June 2016
INPP acquires additional Building Schools for the Future (BSF)
interest
International Public Partnerships Limited ("INPP" or the
"Company") is pleased to announce that it has acquired an
additional interest in the Wolverhampton Building Schools for the
Future ("BSF") project (the "Project"). INPP will commit a further
GBP7.2 million to acquire Carillion Private Finance's 72% direct
investment, growing the Company's existing 10% investment in the
Project to 82%.
The opportunity to acquire the additional interest in the
Project was secured through pre-emption rights that INPP gained as
part of its ownership of Building Schools for the Future
Investments LLP ("BSFI"). INPP acquired BSFI from the Department of
Education and Partnerships UK in August 2011. BSFI was an
investment delivery vehicle designed to refurbish secondary schools
across the country.
The Project comprises two secondary schools, Heath Park Academy
in the Fallings Park area and Deansfield Community School in the
Wardle area of Wolverhampton. Both schools are a mixture of new
build and refurbished pre-existing buildings. Upon completion, the
schools will provide greatly enhanced education facilities for over
2,000 secondary school students.
Like the other BSF projects in which INPP invests, the current
investment meets INPP's investment criteria:
-- The investment debt is non-recourse at the project level and
matched to the life of the Project;
-- The Project has a long operational life with the 25 year
concession due to expire on the 31 August 2040;
-- The investment conforms to the typical UK BSF PFI project
funding structure with a well-established and standard form risk
framework;
-- The Project is operational and yielding and will contribute
to INPP's portfolio return immediately upon acquisition.
The investment has been completed at a projected return that
INPP regards as attractive compared to current market
conditions.
Rupert Dorey, Chairman of International Public Partnerships,
said: "Since 2011, INPP has invested over GBP125 million into the
development and refurbishment of over 200 individual schools across
the UK through the Building Schools for Future scheme. This
demonstrates the attractiveness of the asset class that helps
provide our investors with predictable, low-risk and long-term
returns as shareholders in our Company. The pre-emption rights
secured at the time of the Building Schools for Future acquisition
continue to present high-quality investment opportunities which can
be executed immediately to the material benefit of the value of our
underlying portfolio."
About the BSF portfolio
The BSF programme was an initiative launched in 2004 by the
previous government with the aim of rebuilding or re-modelling
every secondary school in England over a 20 year period. Although
the longer term BSF programme has now been replaced, the schools
which were the subject of the original programme continue to be
actively developed and managed.
INPP originally invested in the BSF programme when it acquired
the government's interest in the BSFI in August 2011. Since this
time, the Company has built up considerable experience in managing
investments in schools delivered under PFI and PPP programmes.
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 +44 (0)20 3727 1046
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 122 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the U.K., Europe, Australia and North America. INPP
seeks to provide its shareholders with both a long-term yield and
capital growth through investment across both construction and
operational phases typically of 25-40 year concessions.
Amber Infrastructure Group ('Amber') is the Investment Advisor
to INPP and consists around 90 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
ACQLLFIVRDIAFIR
(END) Dow Jones Newswires
June 29, 2016 09:08 ET (13:08 GMT)
International Public Par... (LSE:INPP)
Historical Stock Chart
From Jun 2024 to Jul 2024
International Public Par... (LSE:INPP)
Historical Stock Chart
From Jul 2023 to Jul 2024