International Public Partnership Ld (INPP.L) announced that it has acquired the remaining 25% interest in the Alberta Schools project in Canada that it does not already own.
INPP, as the existing owner of 75% of the share capital in BBPP Alberta Schools Limited, has signed an agreement with GVest GP Inc. pursuant to which it has acquired the remaining 25% interest for about 7.5 million pounds.
The project is an availability based PPP project consisting of 18 schools, 9 in Edmonton and 9 in Calgary, under an agreement with 27 years remaining with the Province of Alberta.
INPP said it 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 the original investment occurred in September 2008 and construction completion of all 18 schools was achieved by June 2010, one month ahead of schedule.
The investment has been performing well and the additional investment is expected to be accretive to the overall portfolio.
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