International Public Partnerships Limited (INPP), the UK FTSE 250-listed infrastructure investment group, has acquired the remaining 25 percent of the Alberta Schools project in Canada that it did not already own.
INPP, which already owned 75 percent of BBPP Alberta Schools Limited, has paid GVest GP Inc approximately £7.5 million (€8.8 million; $11.4 million) for the remaining shares.
The Alberta Schools project is an availability payment-based public-private partnership (PPP) project consisting of 18 schools – nine each in Edmonton and Calgary. The agreement with the Province of Alberta has 27 years still to run.
INPP has been an investor in the project since inception, having overseen the design, construction, maintenance and renewal of the schools as well as the provision of private sector finance.
Financial close on INPP’s original investment took place in September 2008 and construction of the 18 schools was completed in June 2010 – one month ahead of schedule. In a statement, INPP said the investment had been performing well.
Listed in 2006, INPP has invested in 122 social and transport infrastructure projects in sectors such as schools, hospitals, courts, utilities and transmission in the UK, mainland Europe, Australia and Canada.
The firm seeks both long-term yield and capital growth through investments in the construction and operational phases of 25-40 year concessions.