30th Apr 2019 13:36
LONDON (Alliance News) - International Public Partnership Ltd on Tuesday said it will invest up to GBP12.4 million of additional capital in the Midlands Batch Priority Schools Project.
The infrastructure investment company has been a lender to the project since March 2015 when its senior debt requirements were originally funded by the Aggregator Vehicle PLC. The Aggregator was set up to combine lending from the European Investment Bank, Aviva Annuity UK Ltd and the company to fund five batches of new schools making up the Priority Schools Programme sponsored by the UK Department for Education.
The company said it has decided to invest the additional amount to complete the remaining works on the schools, remedy defects and finance its operations after collapse of Carillion Group, the original equity sponsor and construction services provider to the project.
Shares in International Public Partnership were broadly flat at 161.33 pence each.
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International Public Partnerships