20th Apr 2015 06:25
LONDON (Alliance News) - International Public Partnerships Ltd Monday said it has acquired an additional 40% investment in the Lewisham Building Schools for the Future project, increasing its overall exposure to between 40% and 50% in the underlying project assets.
The company said it will invest GBP14.3 million for the additional 40% interest from Babcock Project Investments Ltd.
The Lewisham project comprises four BSF schools located in the South East London borough, including Sedgehill and Conisborough Schools; Trinity School; Deptford Green School; and, Bonus Pastor, Pendergast and Drum Beat Schools.
Following the acquisition, INPP will hold a 50% interest in the first three of the school assets and 40% in the fourth. The Costain Pension Fund and Lewisham Borough Council will continue to hold the remaining interests in the project.
International Public Partnerships will fund the deal using its corporate debt facility, which will be about GBP41 million drawn following the investment.
By Steve McGrath; [email protected]; @stevemcgrath1
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