Acquisition of Nine Investments
31 March 2011
Acquisition of Nine Investments
International Public Partnerships Limited (INPP), the listed infrastructure investment company, which invests in global public infrastructure projects developed under the public private partnerships (PPP) and private finance initiative (PFI) procurement methods, today announces the acquisition of nine investments in the UK.
The nine projects include the Liverpool Central Library, one of the flagship legacy projects for the Liverpool City Council in 2008, as part of the Liverpool European Capital of Culture programme, as well as eight NHS LIFT projects.
The Liverpool Central Library involves the refurbishment and replacement of the 1950's/1970's library facility. The project was awarded to Amber (80.1%) and Shepherd Construction (19.9%) in October 2009 and reached financial close in July 2010. Construction is now underway and is on schedule for completion in December 2012.
The project meets the Company's key investment criteria including:
· Long-term, 25 year concession term ending in 2037
· Majority (80.1%) ownership and pre-emptive rights over the remaining stake held by the project partner, Shepherd Construction
· Debt facility in place, and 100% swapped at a fixed rate for the life of the concession
· Indexation of relevant operating costs.
In addition, the Company is also acquiring interests in eight UK LIFT projects: three new projects including South Bristol Community Hospital, Goscote Palliative Care Centre, and Harrow Neighbourhood Resource Centres; as well as additional interests in five existing NHS LIFT projects.
The total acquisition price for all nine projects is £10.8m which represents a 6.2% discount to the independent valuation carried out on behalf of the INPP Board.
Giles Frost, Director, International Public Partnerships Limited, commented:
"I'm delighted to announce nine further acquisitions today which are closely aligned with the key investment criteria of the Company and will complement our existing portfolio well. The projects further underline our long-term commitment to investing in UK social infrastructure and the excellent investment pipeline in place for INPP."
For further information:
Bianca Francis +44 (0)20 7939 0558
Amber Fund Management Limited
Hugh Jonathan/Nick Westlake +44 (0)20 7260 1263/1345
Numis Securities
Ed Gascoigne-Pees/Ed Berry +44 (0)20 7269 7132/7297
Financial Dynamics
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) and private finance initiative (PFI) procurement methods.
Listed in 2006, INPP is a long-term investor in 60 social and transport infrastructure projects, including schools, hospitals, courts and police headquarters in the UK, Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term government-backed yield and capital growth through investment across both construction and operational phases of 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists of 50 dedicated infrastructure specialists which originate and source a strong pipeline of projects for INPP.
This information is provided by RNS
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