International Public Partnerships Limited (LON:INPP), the listed infrastructure investment company, has agreed to divest its stakes in nine UK private-public partnership (PPP) projects. The disposal is to an SMA managed by InfraRed Capital Partners on behalf of a pension fund.
• involves nine UK PPP projects, comprising fifteen schools spread across four London boroughs and delivered as part of the Building Schools for the Future (BSF) programme[i];
• gross proceeds at completion are expected to exceed £58 million, implying a premium to the Company’s last published valuation[ii]; and
• provides further evidence of the additional value embedded in INPP’s existing portfolio relative to its published NAV.
This transaction is a continuation of the Company’s disciplined capital recycling programme – realising proceeds from mature assets and providing additional flexibility to fund higher returning investment opportunities and share buybacks.
Following this disposal, INPP will have realised over £440 million over the last three years, equivalent to c.17%[ii] of the portfolio, with all realisations either in line with, or at a premium to, the relevant published valuations. Over the same period, the Company has committed to reinvest c.£480 million at a combined IRR of more than 11%, ahead of the portfolio’s weighted average discount rate of 9.1%[ii] and therefore accretive to overall returns.
Sarah Whitney, Chair of International Public Partnerships, said: “The disposal of the PPP projects at a premium provides further validation of INPP’s high-quality assets and the inherent value embedded in the existing portfolio. The proceeds, coupled with internal cash flows, are being reinvested in highly attractive assets and therefore accretive to overall returns.”
i) The disposal relates to INPP’s interest in the Ealing, Islington, Southwark and Lewisham BSF projects.
ii) As at 31 December 2025.
