International Public Partnership Ld INPP acquires additional BSF interest (3509E)
May 05 2017 - 7:28AM
UK Regulatory
TIDMINPP
RNS Number : 3509E
International Public Partnership Ld
05 May 2017
5 May 2017
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
GBP1.536 million to acquire Carillion Private Finance's 8% indirect
investment in each of phase I and phase II of the Wolverhampton BSF
scheme, growing the Company's existing 82% investment in the
Project to 90%.
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 three secondary schools, being Heath Park
Academy in the Fallings Park area, St Matthias School in the Wardle
area and Highfields Science Specialist School in the Penn area of
Wolverhampton.
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
phase II 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
and will be funded through existing cash balances.
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
Hugh Jonathan +44 (0)20 7260 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 127 social and
transport infrastructure projects, including schools, hospitals,
courts, police headquarters, transport and utility and transmission
projects in the UK, 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 Adviser
to INPP and has over 100 dedicated staff who manage, advise on and
originate projects for INPP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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