International Public Partnerships Limited (INPP) has announced that it has acquired the remaining 25% interest in the Alberta Schools project in Canada that it does not already own.

INPP as the existing owner of 75% of the share capital in BBPP Alberta Schools Limited, has signed an agreement with GVest GP Inc. pursuant to which it has acquired the remaining 25% interest for approximately £7.5 million. GVest GP is the manager of the GVest Infrastructure and Development Fund 1.

The project is an availability based PPP project consisting of 18 schools, 9 in Edmonton and 9 in Calgary, under an agreement with 27 years remaining with the Province of Alberta. Alberta government signed the contract with BBPP Alberta Schools Limited in September 2009.

INPP has been an investor in the project since inception having overseen the design, construction, maintenance and renewal of the schools as well as the provision of private sector finance.  Financial close on the original investment occurred in September 2008 and construction completion of all 18 schools was achieved by June 2010, one month ahead of schedule.

Established in 2006 as Babcock & Brown Public Partnerships, the company adopted International Public Partnerships Limited (INPP) as its name on 25 June 2009.

Source: INPP