INPP acquires majority position in Nottingham BSF portfolio
International Public Partnerships Limited (INPP) has acquired an additional 72% direct investment in the second phase of the Nottingham Building Schools for the Future (BSF) portfolio, increasing INPP's exposure to the project from 10% to 82%.
The opportunity to acquire the interest in the project has arisen through pre-emptive rights that INPP gained as part of its 100% stake in Building Schools for the Future Investment (BSFI).
INPP will invest £2.75 million (US$5.55 million) for an additional 72% interest from Carillion Private Finance. Following the sale INPP will hold an 82% interest in the project with the Nottingham Local Education Partnership and the Nottingham City Council holding the other remaining direct project interests.
The project comprises the Farnborough School and Technology College and caters for over 1000 pupils in the Clifton Estate area. Like the other BSF projects in which INPP invests, the current investment meets INPP's investment criteria:
- The investment debt is non-recourse at the project level and matched to the life of the project;
- The investment has a long operational pipeline, with a remaining operational term of 24 years;
- The investment conforms to the typical UK BSF PFI project funding structure ;
- The project is operational and yielding and will contribute to return immediately.
The investment has been completed at a level of projected return that INPP regards as attractive compared to current market conditions and demonstrates the value of the pre-emption rights INPP acquired as part of the original BSFI investment.
Rupert Dorey, Chairman of International Public Partnerships, stated:
INPP is pleased to have acquired this additional interest in the Nottingham BSF project, further bolstering its BSF portfolio. We continue to see a very strong pipeline of projects not only through our pre-emptive position in the BSF portfolio but other assets that the Company originates through its Investment Advisor, Amber, and remain well placed to make further investments during the remainder of 2014.
Country news
-
-
July 04, 2014
Foresight Group and Green Investment Bank invest in UK waste plants
Working with its fund manager Foresight Group (Foresight), the UK Green Investment Bank (GIB) announced on Wednesday investment into two projects to construct anaerobic digestion plants on farms in Northern Ireland. These are expected to be the first of several, similar projects in the region. Read more -
July 07, 2014
Balfour Beatty announces sale of more PPP assets
Balfour Beatty will continue with its PPP concession disposal programme in 2014 after the company did not manage to achieve the expected results, according to a Trading Update published by the company on July 3rd. Read more -
July 08, 2014
Eiser wins mandate to manage African renewables fund
Camco Clean Energy PLC and EISER Infrastructure Partners LLP have been selected by Green Africa Power LLP as an investment advisor for an African renewables investment fund. Read more -
July 09, 2014
GDF Suez acquires Lend Lease's UK FM assets
GDF SUEZ through its Cofely subsidiary has completed the purchase of Lend Lease Group's UK facilities management (FM) business (LLFM). Read more -
July 10, 2014
Pension Insurance Corporation (PIC) finances University of London accommodation
University Partnerships Programme (UPP) has successfully completed a £140.7 million (US$241 million) deal, establishing a long-term partnership, to redevelop the Garden Hall Residences at the University of London (UOL) in Bloomsbury, UK. Read more
