Clarification about RAAC and INPP’s Portfolio
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:
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Erica Sibree Amber Fund Management Limited
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+44 (0) 7557 676 499 |
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Hugh Jonathan Numis Securities |
+44 (0)20 7260 1263 |
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Ed Berry/Mitch Barltrop FTI Consulting |
+44 (0) 7703 330 199 / (0) 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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