Investment in Salford & Wigan School Buildings
18 November 2011
International Public Partnerships increases investment in Salford and Wigan Building Schools for the Future programme
International Public Partnerships Limited (INPP), in conjunction with its consortium partners Laing O'Rourke Construction and Hochtief Facilities Management, is pleased to announce that it has increased its investment in the Salford and Wigan Building Schools for the Future (BSF) programme.
INPP has made an investment of £705,000 for 10% interest in the second phase of the scheme, which consists of the construction of three secondary schools, a primary school and community facilities for over 3,700 students in the region.
This is the second of three phases of Salford City's Council's BSF programme, under which certain of the city's schools are being redeveloped. During the first phase of the project, which began in 2009, the consortium was contracted to build a number of educational facilities, two of which have now been completed.
In August, INPP acquired 100% of the interests in Building Schools for the Future Investments LLP (BSFI) from the Department for Education and Partnerships UK for approximately £60 million, complementing INPP's existing portfolio of 106 schools across the UK. There are some 48 such projects in which BSFI has investment relating to over 100 individual schools.
The BSF programme was an initiative launched in 2004 by the previous government, with the aim of rebuilding or re-modelling every secondary school in England over a 20 year period. Although the longer term BSF programme has now been cancelled by the Government, BSFI continues to hold between a 10% - 20% interest in all BSF projects developed to date utilising private sector investment capital.
Giles Frost, Director of Amber Infrastructure Limited, said: "School projects continue to form a core part of INPP's portfolio going forward and the group is delighted that, consistent with its expectations for additional development opportunities arising from BSFI, INPP has already finalised a further investment in the second phase of the Salford and Wigan project."
For further information:
Erica Sibree +44 (0)20 7939 0558
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
FTI Consulting
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 110 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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