International Public Partnerships has agreed to acquire a 97% equity interest and 100% of the subordinated debt in the PPP project that will deliver the new office building of the Federal German Ministry of Education and Research in Berlin.

The ministry provides funding for research projects and institutions and sets general educational policy, including providing student loans in Germany.

The interests will be acquired from the company's investment adviser, Amber Infrastructure, for €11.9 million (£10 million), following an independent valuation prepared by KPMG.

Construction on the BMBF project, which started on 1 August 2011, is being delivered through a turnkey contract with BAM Deutschland AG, which retains a residual stake in the share capital of the project. The construction program is presently running to schedule and is expected to complete at the end of July 2014.

Facility Management will be carried out by BAM Immobilien-Dienstleistungen GmbH.

The project, which includes the design, construction, operation, maintenance and financing of the new BMBF building for 27 years, required an investment of around €115 million. Sumitomo Mitsui Banking Corporation and DZ Bank provided debt for the project.

The aim of the new building is the relocation of the Berlin employees of the BMBF (350 office workplaces). The new building will have 1,000 office workstations in a floor area of approx. 54,600 m².