Acquisition of two Australian
24 December 2010
Acquisition of Additional Interests in two Australian Projects
International Public Partnerships Limited ("INPP" or "the Company") is pleased to announce that it has signed an agreement to acquire additional 50% interests in two of its Australian projects, Long Bay Forensic Prison Hospital in Sydney and the Melbourne Showgrounds project. This will take the Company's interest in both projects to 100%. Completion of the acquisition is expected in January 2011 following satisfaction of certain procedural conditions.
The additional interests are being acquired from Brookfield Infrastructure Partners L.P. for a total consideration of approximately $15.25m (£9.92m). The purchase price reflects the acquisition of the assets on a basis that is both accretive to the Company in net asset value terms ("NAV") and in terms of yield.
Long Bay Forensic Prison Hospital
The Long Bay Forensic Prison Hospital project consists of the design, construction and operation of an 85 bed prison hospital and a 135 bed forensic hospital on the grounds of the Long Bay Correctional Complex in Sydney, NSW, Australia. The concession was awarded in July 2006 and runs for 28 years to 2034. The project has been operational since 2008.
Melbourne Showgrounds
The Melbourne Showgrounds project includes the running of an operational facility at the Royal Melbourne Showgrounds in Melbourne, Victoria, Australia. The concession was awarded in August 2006 and runs for 25 years to 2031.
Additional Information
Keith Dorrian, Chairman of the Company said: "We are delighted to have reached agreement to acquire further investments in two well performing Australian assets. In addition, there are a number of new PPP projects that have recently been tendered in Australia. Amber, our investment adviser is following the development of these projects which, if successful, would further strengthen and diversify our Australian business."
For further information:
Bianca Francis +44 788 052 7624
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
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 Limited (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 55 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters and transport projects in the U.K., 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 more than 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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