International Public Partnerships Clarification about RAAC and INPP's Portfolio (3253L)
September 04 2023 - 11:48AM
UK Regulatory
TIDMINPP
RNS Number : 3253L
International Public Partnerships
04 September 2023
Clarification about RAAC and INPP's portfolio
4 September 2023
International Public Partnerships Limited, the listed
infrastructure investment company ('INPP' or 'the Company'), notes
recent commentary about the use of reinforced autoclaved aerated
concrete ('RAAC') in public buildings.
The Company also notes that none of the schools or other public
buildings within INPP's portfolio have been closed. Whilst the
asset management team of the Company's Investment Adviser, Amber
Infrastructure, continue to offer support to its public sector
partners to ensure the safe delivery of public services, the RAAC
issues being reported on by the media are not a financial concern
for INPP.
INPP's portfolio predominantly comprises new buildings that
post-date the use of RAAC. In very few instances projects in the
portfolio, which include schools, incorporated older buildings
alongside newly built/refurbished facilities. It is possible that
some of these older buildings may have used RAAC in their
construction. However, in any such cases, under the contractual
terms of INPP's investment (i) the costs associated with any
remedial works for these pre-existing buildings would be covered by
the authority, and (ii) should the presence of RAAC result in a
full or partial building closure (which is not currently
anticipated) the availability-based revenues payable by the
authority to the project company would be unaffected.
For further information:
Erica Sibree
Amber Fund Management Limited +44 (0) 7557 676 499
Hugh Jonathan
Numis Securities +44 (0)20 7260 1263
Ed Berry/Mitch Barltrop +44 (0) 7703 330 199 / (0)
FTI Consulting 7807 296 032
About International Public Partnerships:
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 over 140
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, New Zealand 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 180 staff who are responsible
for the management of, advice on and origination of infrastructure
investments.
International Public Partnerships Limited
P O Box 286 -- Floor 2 -- Trafalgar Court Les Banques St Peter Port -- Guernsey GY1 4LY -- C.I.
T +44 1481 742742 -- F +44 1481 730617
Registered in Guernsey No. 45241
www.internationalpublicpartnerships.com
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END
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