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International Public Partnerships buys UK PPP portfolio

International Public Partnerships buys UK PPP portfolio – International Public Partnerships is buying a small portfolio of UK PPP (public/private partnership) investments comprising initially interests in Townlands Community Hospital in Henley, Eltham Community Hospital and minority interests in the Building Schools for the Future (BSF) projects STaG 1 and 2. The seller is an affiliate of the investment adviser (Amber Infrastructure) and the purchase price is £3.1m. There’s an additional £3m of deals covering five more BSF schemes in the same portfolio planned over the coming months.

Amber developed the Townlands and Eltham projects and the BSF projects were bought by Amber when the Carillion group of companies collapsed. At that time, International Public Partnerships decided not to buy these particular interests because of the risk of associated contingent liabilities. The adviser has re-negotiated restructured the projects so that the contingent liabilities have been dealt with. All the assets in this portfolio are said to be performing well with either no or minimal operational issues. Overall, the portfolio is strongly yielding and delivers partially index-linked returns.

  • 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.

INPP : International Public Partnerships buys UK PPP portfolio

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