INPP acquires additional interest in Liverpool Central Library project
International Public Partnerships Limited (INPP) has acquired an additional 19.9% investment for £1.9 million (US$2.68 million) in the Liverpool Central Library Project from Shepherd Construction.
The acquisition will increase the company's overall exposure from 80.1% to 100%.
The Liverpool Central Library is one of the flagship legacy projects for the Liverpool City Council, as part of the Liverpool European Capital of Culture programme in 2008.
INPP, through its investment advisor Amber Infrastructure, acted as Lead Sponsor and Manager for the £50 million (US$70.5 million) project to refurbish three existing historic library buildings which included the demolition and construction of a new main library and archive complex. The Library reached construction completion in January 2013 and opened to the public in May this year.
The project meets the company's key investment criteria including:
- Long-term, 25 year concession term ending in 2037
- Majority (100%) ownership;
- Debt facility in place, and 100% swapped at a fixed rate for the life of the concession;
- Indexation of relevant operating costs.
The acquisition will be funded from existing cash resources.
Rupert Dorey, Chairman of INPP, said:
"INPP is pleased to have acquired this additional interest in the Liverpool Central Library, allowing us to take full control of this excellent project. The transaction is further evidence of the value within the Company's portfolio of the pre-emptive positions held over existing assets."
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