International PPL picks up stakes in additional BSF projects

Infrastructure investment company International Public Partnerships has acquired additional interests in the Bradford and Lewisham "Building Schools for the Future" projects.

International Public Partnerships said on Wednesday that the interests were acquired from Costain Pension Scheme Trustee at a cost of roughly £29.5m.

The FTSE 250-listed stated the BSF Projects collectively comprised 14 schools across the Bradford and Lewisham areas, with the investment now building upon the company's existing portfolio of BSF projects.

International PPL said it had also taken up a stake in three healthcare Private Finance Initiative schemes, with the company now set to design, build, fund and partially operation four small community healthcare facilities under the Three Shires banner in East Lincolnshire, Leicester and Derbyshire.

International PPL's investment will increase its share in the BSF projects by between roughly 7% and 36% and provide it with a 50% share in each of the healthcare schemes. Upon completion, the company will hold a 90% interest in three of the Lewisham schemes and 81% in the fourth, and approximately 22% and 31% interests in phase 1 and phase 2 of the Bradford schemes, respectively.

As of 0910 GMT, International PPL shares were down 0.12% at 167.60p.