27th Jan 2014 13:24
LONDON (Alliance News) - International Public Partnerships Limited Monday said it had agreed to acquire a 97% equity interest and 100% of the subordinated debt in the public-private partnership project that will deliver a new office building for the Federal German Ministry of Education and Research in Berlin. The deal is worth EUR11.9 million.
The FTSE 250-listed infrastructure investment company said the interests will be acquired from its investment advisor, Amber Infrastructure.
The Ministry provides funding for research projects and institutions and sets general educational policy, including providing student loans in Germany.
Construction on the Berlin project, which started in August 2011, is being delivered through a turnkey contract with BAM Deutschland AG, which retains a residual stake in the share capital of the project.
The firm said the construction programme is currently running to schedule and is expected to be complete by the end of July.
The new office building will consist of two connected buildings on a 13,400 square meter piece of land owned by the Federal Bureau of Real Estate Projects, which is the German Government Agency for Real Estate, with an entire gross building area of around 55,500 square meters.
The acquisition will be funded through International Public Partnerships' existing cash resources
Its hares were trading at 127.50 pence Monday afternoon, down 0.60p or 0.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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