International Public Partnerships INPP grows investment portfolio in United States (5213I)
05 Diciembre 2022 - 1:00AM
UK Regulatory
TIDMINPP
RNS Number : 5213I
International Public Partnerships
05 December 2022
INPP GROWS INVESTMENT PORTFOLIO IN UNITED STATES
5 December 2022
International Public Partnerships Limited , the listed
infrastructure investment company (' INPP ' or the ' Company '),
has announced a follow-on investment in Family Housing for Service
Personnel ('FHSP'), one of the longest-standing social
infrastructure sectors in United States ('US') Public-Private
Partnerships ('PPP'), or P3.
The Company has invested approximately US$45 million (c.GBP37
million) into two additional interest-bearing subordinated debt
instruments underpinned by security over seven operational P3 FHSP
projects, comprising c.21,800 housing units located across the
US.
The additional investment marks the continued growth of the
Company's investment portfolio in the US, with approximately 4 per
cent of the portfolio by investment fair value invested in the US.
The introduction of private sector capital and resources to provide
housing for service personnel was established by US Congress in
1996 and has attracted capital in excess of US$30 billion from
domestic and international institutional investors to date.
The investment meets the environmental and social
characteristics under Article 8 of the EU Sustainable Finance
Disclosure Regulation ('SFDR') designation.
The FHSP projects have the following characteristics:
-- A secure revenue stream to 2052 by way of the direct
assignment of the Basic Allowance for Housing for the service
personnel who live on the bases, which is paid by the US
government;
-- High barriers to entry as the number of on- facility housing units is limited;
-- Positive social credentials through provision of family housing;
-- No residual value exposure; and
-- A geographically diverse portfolio of housing units across the US.
The investment was sourced by the Company's investment adviser,
Amber Fund Management Limited ('Amber') and was acquired from
Amber's affiliate, Hunt Companies Inc. ('Hunt'). Hunt is one of the
largest owners, managers and providers of ongoing services in the
sector, with interests in approximately 51,800 units in the US. The
Hunt group will asset manage and property manage the projects that
relate to this transaction.
In accordance with the Company's procedures for related-party
transactions, the Company sought an independent valuation. In
addition, this transaction is deemed a smaller related party
transaction within Listing Rule 11.1.10R and therefore the Company
obtained a fair and reasonable opinion in relation to the
transaction.
As at 2 December 2022, the Company's GBP250 million revolving
credit facility was undrawn, with c.GBP17 million committed via
letters of credit for near-term pipeline investments.
Mike Gerrard, Chair of INPP, said: "The Company is well
positioned to originate new investment opportunities in North
America, given the strength of its Investment Adviser's local
presence. With an additional investment into family housing, the
Company is increasing its portfolio allocation to the US. Since our
first investment into the US Family Housing for Service Personnel
sector in 2015, our investments have performed strongly and we are
confident of their continued long-term resilience".
ENDS.
For further information:
Erica Sibree/Amy Edwards +44 (0) 7557 676 499 / (0) 7827 238
355
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 7703 330 199 / (0) 7807 296
032
FTI Consulting
About International Public Partnerships:
INPP is a listed infrastructure investment company that invests
responsibly in global public infrastructure projects and
businesses, which meets societal and environmental needs, both now,
and into the future.
INPP is a responsible, long-term investor in over 140
infrastructure projects and businesses. The portfolio consists of
utility and transmission, transport, education, health, justice and
digital infrastructure projects and businesses, in the UK, Europe,
Australia and North America. INPP seeks to provide its shareholders
with both growing dividends and the potential for capital
appreciation.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists of over 170 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
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END
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