International Public Partnerships Ltd. (INPP.L), an infrastructure investment company, said it has agreed to acquire additional interests in eight Building Schools for the Future, or BSF, education projects from Carillion Private Finance Ltd.
INPP expects to invest around 30.3 million pounds and on full completion of the acquisition will hold majority investment interests in BSF school projects in Wolverhampton, Nottingham, Rochdale, Durham and South Tyneside and Gateshead. It will have a 46% investment in Tameside BSF project, where Tameside Metropolitan Borough Council will hold an equal stake, the company said.
The company noted that the additional investments are due to pre-emptive rights that it gained as part of its 100% stake in Building Schools for the Future Investment, which it acquired from the Department of Education and Partnerships UK in August 2011 for 60 million pounds.
These investments were identified as targets for INPP as part of the recent 200 million pounds Placing, Open Offer and Offer for Subscription by the company which was completed on June 25.
Keith Dorrian, chairman of International Public Partnerships said, "INPP is delighted to have agreed to acquire these additional interests in eight BSF projects. The opportunity is evidence of the value of the pre-emption right INPP acquired as part of the BSFI investment last year, and we hope to benefit further from this position over the coming years."
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by RTT Staff Writer
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