International Public Partnerships Limited (INPP), the London Stock Exchange-listed fund manager, has disposed of its holding in the Amiens Hospital public-private partnership (PPP) in France.
In a statement, INPP described the sale as “opportunistic” as it followed an unsolicited offer from Atlante Gestion, a Paris-based firm which specialises in PPP asset management and origination.
A unit of Atlante Gestion, known as Atlante Property Management, purchased the 95 percent equity and subordinated debt interest for what the statement said was a premium to the company’s valuation for the project.
INPP was motivated to sell as the interest was “sub-scale” in terms of its broader portfolio, representing less than 0.05 percent of its net asset value as of 31 December 2013. INPP said it expected to reinvest the proceeds of the sale in its current pipeline of new opportunities.
“The divestment of Amiens highlights the continuing investor demand for high-grade PPP assets across Europe,” said Rupert Dorey, chairman of INPP. “The willingness to optimise INPP’s portfolio for our investors means we can capitalise on such appropriate divestment opportunities as they arise.”
Listed in 2006, INPP has 114 investments in social and transport infrastructure projects in the UK, continental Europe, Australia and Canada. It seeks long-term yield and capital growth by investing across the construction and operational phases of concessions lasting between 25 and 40 years.