Acquisition of First Danish Investments
ACQUISTION OF first DANISH investments
16 December 2021
International Public Partnerships Limited ('INPP' or the 'Company'), the FTSE 250 listed infrastructure investment company, has acquired an interest in a portfolio of four Danish public-private partnerships ('PPP') projects (the 'Projects') delivering availability-based, long-term, predictable cash flows. The Company holds a majority interest in the portfolio, which was acquired at a cost of c.£14 million.
This acquisition marks the Company's first investment in Denmark and, through the growing presence of its Investment Advisor, Amber Infrastructure ('Amber'), provides a platform for further investment opportunities into the region.
The Projects, which provide essential infrastructure and are geographically spread across Denmark, include:
· a specialist land registry court archive building in Hobro that accommodates 150 public sector employees;
· a hospital car parking facility with c.550 parking spaces adjoined to a regional hospital in Randers;
· a 1,000-pupil school in Ørsted; and
· an 800-pupil school in Vildbjerg.
The investments directly support targets outlined in Sustainable Development Goals 4 (Quality Education), 9 (Industry, Innovation and Infrastructure) and 16 (Peace, Justice and Strong Institutions). Other key features of the investments include:
· 100% availability-based revenue streams with public sector counterparties backed by the Danish State;
· Long-term stable cashflows with project length of up to 20 years;
· A track record of strong operational performance; and
· Essential infrastructure - the Portfolio's investments all provide critical infrastructure services to their respective communities.
Following financial close of the acquisition and draw down under the facility the Company will be approximately £160 million drawn against its £250 million corporate debt facility, including £9 million issued by way of a letter of credit to support the Company's commitment to invest in the Flinders University Health and Medical Research Building upon construction completion in March 2025.
Mike Gerrard, Chair of International Public Partnerships said: "We are delighted that the Company has made its first investment in Denmark and, through Amber, we are able to see an interesting range of further investments opportunities in the region."
ENDS.
For further information:
Erica Sibree/Amy Edwards +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 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 more than 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 150 staff who are responsible for the management of, advice on and origination of infrastructure investments.
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