International Public Partnerships Acquisition of First New Zealand Investments (1948J)
09 Diciembre 2022 - 01:00AM
UK Regulatory
TIDMINPP
RNS Number : 1948J
International Public Partnerships
09 December 2022
ACQUISITION OF FIRST new zealand investments
9 December 2022
International Public Partnerships Limited ('INPP' or 'the
Company'), the FTSE 250 listed infrastructure investment company,
has agreed binding terms to acquire five infrastructure investments
in New Zealand for c. NZD 200 million (the 'Acquisition') from
Morrison & Co managed Public Infrastructure Partners.
The Acquisition marks the Company's first investment in New
Zealand and will provide further diversification of INPP's
investment portfolio as well as a platform which should generate
further investment opportunities into the country.
The portfolio comprises the following five projects, where the
Company will have 100% ownership:
-- three schools projects, representing an investment in 11
schools across the breadth of New Zealand, all of which were
procured via public-private-partnership ('PPP') concessions with
the NZ Ministry of Education;
-- the Auckland Prison, where the project company only has
responsibility for the provision and maintenance of physical assets
with the custodial services provided independently by the New
Zealand Department of Corrections. This was procured under a PPP
and
-- a purpose-built student accommodation facility at the
Auckland University of Technology ('AUT') underpinned by a service
agreement with AUT guaranteeing 96% of rental occupancy and
benefitting from high historic occupancy levels (even during
Covid-19).
These high-quality infrastructure investments are already
operational, delivering long-term stable cash flows linked to
inflation. The return profile is significantly based upon
government backed revenue streams generated through standard PPP
contracts in another highly rated, stable OECD geography for INPP.
The average remaining investment life of the five projects is over
24 years.
In growing the Company's contribution to essential
infrastructure, the investments meet the Company's environmental
and social commitments, under Article 8 of the EU Sustainable
Finance Disclosure Regulation ('SFDR') designation.
The portfolio acquisition is subject to regulatory approval,
including New Zealand's Overseas Investment Office ('OIO'),
financier and counterparty consents after which time financial
close is expected to occur in Q2 2023.
As at 8 December 2022, the Company's GBP250 million revolving
credit facility was GBP29.3 million drawn, with c.GBP17 million
committed via letters of credit for near-term pipeline
investments.
Mike Gerrard, Chair of INPP, said: "We have entered the New
Zealand market with a portfolio of high-quality assets primarily
within the education sector. This investment builds on our
education sector expertise and includes six large secondary schools
and five primary schools located across the country. We'll also be
providing housing for around 200 students at AUT's North Shore
Auckland campus.
"The five new investments further enhance INPP's growing
Australasian presence, which will represent approximately 11 [1] %
by investment fair value, of our international portfolio and
provides us with a strong platform for growth. New Zealand is a
mature infrastructure market, complementing our proven track record
over the past decade in Australia."
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
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 a long-term yield and capital growth.
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.
[1] Estimate based on other things being equal.
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END
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