29th Jun 2016 13:21
LONDON (Alliance News) - International Public Partnerships Ltd on Wednesday said it has bought an additional interest in the Wolverhampton Building Schools for the Future project, taking its total interest to 82% after committing a further GBP7.2 million of direct investment.
The London-listed infrastructure investment company said it has purchased Carillion Private Finance's 72% direct investment in the schools project, having previously owned just 10%.
International Public Partnerships said the additional stake was secured through pre-emption rights that it gained as part of its ownership of Building Schools for the Future Investments LLP, which it bought in 2011 from the UK government's Department for Education and Partnerships UK.
Building Schools for the Future Investments LLP holds interests in many of the Building Schools for the Future projects, which aims to rebuild or re-model schools.
The Wolverhampton Building Schools for the Future project, in which International Public Partnerships raised its stake on Wednesday, comprises of two secondary schools, Heath Park Academy in the Fallings Park area and Deansfield Community School in the Wardle area of Wolverhampton, the company said.
Both schools are a mixture of new build and refurbished pre-existing buildings, International Public Partnerships added and, upon completion, the schools will provide greatly enhanced education facilities for over 2,000 secondary school students.
"Since 2011, International Public Partnerships has invested over GBP125.0 million into the development and refurbishment of over 200 individual schools across the UK through the Building Schools for Future scheme. This demonstrates the attractiveness of the asset class that helps provide our investors with predictable, low-risk and long-term returns as shareholders in our company," said Chairman Rupert Dorey.
"The pre-emption rights secured at the time of the Building Schools for Future acquisition continue to present high-quality investment opportunities which can be executed immediately to the material benefit of the value of our underlying portfolio," Dorey added.
Shares in International Public Partnerships were up 2.1% at 153.12 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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