REG - International PPL - Financial close: £49m UK Education PPP Realisation

International Public PartnershipsAnnouncement

08/07/2025 07:00

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RNS Number : 0727Q  International Public Partnerships  08 July 2025

Financial close: £49m UK Education PPP Realisation

c.£49 million of proceeds raised from Priority Schools Building Aggregator
Programme ('Priority Schools Programme') and Building Schools for the Future
('BSF') investments, part of International Public Partnership Limited's
('INPP') UK Education Public-Private Partnership ('PPP) portfolio

INPP, the listed infrastructure investment company, has completed the recently
announced debt financing to release c.£49 million of capital from its
Priority Schools Programme investments and 13 BSF portfolio interests,
consisting mostly of minority stakes ('the Transaction'). The value of the
retained equity interests and funds released from the Transaction is at a
premium to the 31 December 2024 valuation. The retained equity interests
equate to c.1% of the published NAV as at 31 December 2024.

Following this Transaction, INPP has realised over £315 million of proceeds
in the last 24 months across the energy transmission, social and digital
infrastructure sectors, equivalent to c.12% of the portfolio based on the
latest valuations as at 31 December 2024. All realisations have either been in
line with or at a premium to the relevant published valuations.

Overview of Priority Schools Programme and BSF Portfolio

INPP has held its senior debt investments in the Priority Schools Programme
since 2015. Alongside partners such as the European Investment Bank and Aviva
Investors, INPP has helped fund 46 new schools through the Priority Schools
Programme, delivered via a PPP funding model. The model supported the UK
Government in delivering additional schools whilst generating stable,
long-term, availability-based revenues for investors.

INPP acquired its BSF investments in 2011. BSF is a long-term programme of
investments in the UK designed to transform secondary school education by
providing learning environments that engage and inspire young people, their
teachers and the wider community. INPP has actively pursued a strategy of
increasing its BSF holdings to convert minority positions into majority-owned
investments wherever possible. Where this has not been feasible, and a sale
aligned with the company's interests, INPP has divested its equity interests.
A number of remaining BSF minority positions have now been pooled together in
this Transaction to allow a financing to realise additional cash proceeds for
INPP.

Disciplined approach to capital allocation

The Company reaffirms its disciplined approach to capital allocation, guided
by three key principles: prudent use of its Corporate Debt Facility, a
targeted realisation programme to demonstrate value and recycle capital, and
the strategic deployment of proceeds towards either expanding the share
buyback programme or, reinvesting where we see strong strategic alignment and
where the long-term characteristics of a new investment are expected to
outperform the benefits available through share buybacks.

 

Share buyback programme

To date, c.£80 million has been used to buy the Company's shares under the
buyback programme, which has recently been extended to up to £200 million in
size and is currently expected to run until 31 March 2026. Shares will
continue to be bought under the programme whilst they trade at a significant
discount to their NAV.

Mike Gerrard, Chair of International Public Partnerships, commented: "The
completion of this Transaction demonstrates our active portfolio management
strategy and ability to unlock value for shareholders in the current
environment. By realising a selection of mature assets, INPP is able to
enhance shareholder value through capital returns and strategic reinvestment."

ENDS.

For further information:

Erica Sibree
                          +44 (0) 7557 676 499

Amber Fund Management
Limited

Hugh Jonathan
                      +44 (0)20 7260 1263

Deutsche Numis

Mitch Barltrop / Jenny
Boyd                                             +44 (0)
7807 296 032 / (0) 7971 005 577

FTI Consulting

 

About International Public Partnerships:

INPP is a listed infrastructure investment company that invests in global
public infrastructure projects and businesses, which meets societal and
environmental needs, both now, and into the future.

INPP is a responsible, long-term investor in over 140 infrastructure projects
and businesses. The portfolio consists of utility and transmission, transport,
education, health, justice and digital infrastructure projects and businesses,
in the UK, Europe, Australia, New Zealand and North America. INPP seeks to
provide its shareholders with both a long-term yield and capital growth.

Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and in
this capacity is responsible for investment origination, asset management and
fund management of the Company.

Amber is part of Boyd Watterson Global Asset Management Group LLC, a global
diversified infrastructure, real estate and fixed income business with over
$36 billion in assets under management and over 300 employees with offices in
eight US cities and presence in twelve countries.

 

 

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