International Public Partnerships Acquisition of UK PPP Portfolio (5530W)
23 Diciembre 2021 - 12:59AM
UK Regulatory
TIDMINPP
RNS Number : 5530W
International Public Partnerships
23 December 2021
acquisition of uk ppp portfolio
23 December 2021
International Public Partnerships Limited ('INPP' or 'the
Company'), the FTSE 250 listed infrastructure investment company,
is pleased to announce that it has agreed to acquire a small
portfolio of UK PPP investments comprising initially interests in
Townlands Community Hospital in Henley ('Townlands'), Eltham
Community Hospital ('Eltham') and minority interests in the
Building Schools for the Future ('BSF') projects STaG 1 and 2
('STaG').
The interests will be acquired from an affiliate of the
Company's Investment Adviser, Amber Infrastructure ('Amber'), for
GBP3.1 million, following an independent valuation prepared by
Newbridge Advisors LLP ('Newbridge'). Investment in minority
interests in a further five BSF schemes from the same portfolio,
representing up to GBP3.0 million of additional investment, will be
made by the Company in the coming months.
The Townlands and Eltham projects were developed by Amber and
are now at a level of operational maturity that fits the Company's
risk appetite. The interests in the BSF projects were acquired by
Amber from a member of the Carillion group of companies on the
occasion of that group's financial collapse. At that time these
particular interests (in contrast to other interests already owned
by the Company) were judged not suitable for acquisition by the
Company due to certain associated contingent liabilities. Following
a significant piece of work involving re-negotiation and a
restructure these contingent liabilities have been dealt with and
accordingly the risks associated with them removed making them
suitable for acquisition by the Company. All the assets in this
portfolio are now performing well with either no or minimal
operational issues. Overall, the portfolio is strongly yielding and
delivers partially index-linked returns.
Details of the portfolio being acquired include:
-- Eltham is a community hospital project located in the London
Borough of Greenwich that has been developed under the NHS LIFT
framework with an availability-based revenue stream. Amber has been
involved in the scheme since its inception and the team have
overseen all aspects of project delivery, including design and
development. The Company will acquire a 49.8% interest in the
subordinated debt of the project.
-- Townlands is a community hospital scheme based in
Henley-on-Thames which provides sub-acute care and comprises an
ambulatory care centre and a palliative care centre. The project
benefits from an availability-based revenue stream arising under a
direct contract with the NHS. The Company will acquire a 100%
interest in the equity and subordinated debt of Townlands.
-- STAG comprises education facilities in South Shields and
Jarrow in the UK. The investment builds on the Company's existing
portfolio of BSF projects, supporting the Company's commitment to
providing a high-quality teaching environment to pupils across the
portfolio. The Company will acquire a 8.00% interest in the
project's subordinated debt and a 4.36% interest in the equity.
The Projects all contribute to a number of the UN's Sustainable
Development Goals ('SDGs'). The investment in the management of
healthcare centres and educational facilities acts in direct
support of SDG 9 (Industry, Innovation and Infrastructure). The BSF
investment directly contributes towards to SDG 4 (Quality
Education) and schools also prepare young people for later life
supporting SDG 8 (Decent Work and Economic Growth). Through their
care provision, Eltham and Townlands contribute towards SDG 3 (Good
Health and Well-Being).
Following financial close of the acquisition and draw down under
the facility the Company will be approximately GBP163 million drawn
against its GBP250 million corporate debt facility, including GBP9
million issued by way of a letter of credit to support the
Company's commitment to invest in the Flinders University Health
and Medical Research Building upon construction completion in March
2025.
Protocols provided in the Company's Investment Advisory
Agreement been followed with respect to the sale of the Projects
from Amber to INPP, including the establishment of separate buy
side and sell side teams within Amber. Newbridge was engaged to
provide an independent valuation opinion.
ENDS.
For further information:
Erica Sibree/Amy Edwards +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
About International Public Partnerships (INPP):
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 130
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 150 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
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