International Public Partnerships INPP Makes Further Investment into UK Schools (8150N)
May 26 2020 - 2:00AM
UK Regulatory
TIDMINPP
RNS Number : 8150N
International Public Partnerships
26 May 2020
INPP makes further investment into UK schools
26 May 2020
International Public Partnerships Limited, the FTSE 250 listed
infrastructure investment company ("INPP" or the "Company"), has
acquired an accretive additional interest in the Essex Building
Schools for the Future ("BSF") Project (the "Project").
INPP will commit a further c.GBP6.8 million to acquire stakes in
the two PFI project companies that own the Project's four schools
which typically provide education facilities to over 3,700
secondary school pupils across Essex, UK.
INPP acquired the additional interest in the Project from
Skanska UK Pension Fund, RM plc, and the Essex County Council to
increase the Company's existing investment to 28 per cent on phase
1 and 100 per cent on phase 2.
Like the other BSF projects in which INPP invests, the
additional investment meets INPP's investment criteria given:
-- 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 contracts on
phase 1 and phase 2 due to expire on the 31 December 2036;
-- 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 be accretive
to INPP's portfolio return immediately upon acquisition.
The Project includes Castle View School and Cornelius Vermuyden
School and Arts College on Canvey Island; Columbus New Model
Special School in Chelmsford, and Woodlands School in Basildon. At
present all of the schools are open to children of key workers and
project operations are being maintained in the usual way
notwithstanding the COVID-19 pandemic.
Mike Gerrard, Chairman of International Public Partnerships,
said: "Since 2011, INPP has invested over GBP200 million into the
development and refurbishment of over 200 individual schools across
the UK through the Building Schools for Future programme. These
provide high-quality educational facilities for local authorities,
teaching professionals and students."
"Our commitment to providing long-term finance to the school
sector demonstrates the attractiveness of the asset class that
helps provide our investors with predictable, low-risk and
long-term returns."
"Despite the ongoing uncertainty and disruption caused by the
Covid-19 pandemic, the Company maintains access to a pipeline of
investment opportunities, which we continue to evaluate in parallel
with our focus on maintaining the robust operation of our existing
portfolio and on supporting the local communities which it
serves."
ENDS.
For further information:
Erica Sibree/Amy Joslin +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
About International Public Partnerships ('INPP'):
INPP is a listed infrastructure investment company that invests
in global public infrastructure projects and businesses, which
meets societal and environmental needs, both now, and into the
future.
INPP is a responsible, long-term investor in 130 infrastructure
projects and businesses. The portfolio consists of utility and
transmission, transport, education, health, justice and digital
infrastructure projects and businesses, in the UK, Europe,
Australia and North America. INPP seeks to provide its shareholders
with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists of approximately 130 staff who are responsible
for the management of, advice on and origination of infrastructure
investments.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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