Additional interest in Liverpool Central Library

RNS Number : 8958R

International Public Partnership Ld

01 July 2015

 



1 July 2015

INPP acquires additional interest in Liverpool Central Library Project

International Public Partnerships Limited (the Company, INPP) is pleased to announce that it has acquired an additional 19.9% investment for c.£1.9 million  in the Liverpool Central Library Project from Shepherd Construction.  The acquisition will increase the Company's overall exposure to from 80.1% to 100%.

The Liverpool Central Library is one of the flagship legacy projects for the Liverpool City Council, as part of the Liverpool European Capital of Culture programme in 2008.

INPP, through its investment advisor Amber Infrastructure, acted as Lead Sponsor and Manager for the £50m project to refurbish three existing historic library buildings which included the demolition and construction of a new main library and archive complex. The Library reached construction completion in January 2013 and opened to the public in May this year.

The project meets the Company's key investment criteria including:

·      Long-term, 25 year concession term ending in 2037

·      Majority (100%) ownership;

·      Debt facility in place, and 100% swapped at a fixed rate for the life of the concession;

·      Indexation of relevant operating costs.

The acquisition will be funded from existing cash resources.

Rupert Dorey, Chairman of International Public Partnerships, said: "INPP is pleased to have acquired this additional interest in the Liverpool Central Library, allowing us to take full control of this excellent project.  The transaction is further evidence of the value within the Company's portfolio of the pre-emptive positions held over existing assets."

For further information:

Erica Sibree                                                    [phone]

Amber Fund Management Limited                                

Nick Westlake/Hugh Jonathan                            [phone]/1263

Numis Securities

Ed Berry/Mitch Barltrop                                     [phone] / 1039
FTI Consulting

Notes to Editors:

About International Public Partnerships (INPP):

International Public Partnerships (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP), private finance initiative (PFI), regulated asset and other similar procurement methods.

Listed in 2006, INPP is a long-term investor in 116 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and utility and transmission projects in the U.K., Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term yield and capital growth through investment across both construction and operational phases of 20-40 year concessions.

Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists of over 85 dedicated staff who manage, advise on and originate projects for INPP.

Visit the INPP website at www.internationalpublicpartnerships.com for more information.

 

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