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The Company is a closed ended listed investment company which is incorporated in Guernsey and is recognised as a third country self-managed AIF in very limited EEA jurisdictions under the EU Alternative Investment Fund Managers Directive and in the UK under the UK Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773). The Ordinary Shares of the Company are excluded from the UK FCA restrictions on promotion that are applicable in the UK to non-mainstream investment products, due to its current investment company structure.

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Since listing in November 2006, INPP has grown its portfolio to 142 investments with a market captalisation in excess of £2.5 billion. Read more about the evolution of the Company below: 

Key events in International Public Partnership’s history

  • In April 2022, the Company successfully raised £325m of new capital
  • In March 2022, the Company reached financial close on Stage 3 of the Gold Coast Light Rail Project

 

  • Net Asset Value of INPP at 31 December 2021: £2.5bn (31 December 2020: £2.4bn)
  • NAV per share at 31 December 2021: 148.2p (31 December 2020: 147.1p)
  • Net Asset Value of INPP at 30 June 2021: £2.4bn (31 December 2020: £2.4bn)
  • NAV per share at 30 June 2021: 145.1p (31 December 2020: 147.1p)
  • In June 2021, the Company reached financial close on a new police headquarters project in Offenbach in South-East Hesse, Germany. The Company invested £8.1 million for a 45% shareholding.
  • In July 2021, INPP reached financial close on its eighth OFTO, Beatrice OFTO
  • In September 2021, the Company entered into an agreement to acquire an additional c.5% stake in Angel Trains
  • In November 2021, the Company reached financial close on its ninth OFTO, Rampion OFTO
  • In November 2021, the Company acquired additional interests in the Bradford and Lewisham Building schools for the Future projects and interests in three healthcare Private Finance Initiative schemes
  • In December 2021, the Company acquired an interest in a portfolio of four Danish public-private partnerships projects. The Company holds a majority interest in the portfolio, which was acquired at a cost of c.£14 million.
  • In December 2021, the Company acquired a small portfolio of UK PPP investments comprising initially interests in Townlands Community Hospital in Henley ('Townlands'), Eltham Community Hospital ('Eltham') and minority interests in the Building Schools for the Future projects STaG 1 and 2.
  • In December 2021, the Company reached financial close on the Flinders University Health and Medical Research Building ('HMRB') in South Australia. 
  • Since listing in 2006 to 31 December 2021, the Company has generated a Total Shareholder Return ('TSR') of 245.0%. This is equivalent to an annualised TSR of 8.5% since the Company listed in 2006 and ahead of the long-term target of 7% or greater
  • Net Asset Value of INPP at 31 December 2020: £2.4bn (31 December 2020: £2.4bn)
  • NAV per share at 31 December 2020: 147.1p (31 December 2019: 150.6p)
  • In December 2020, INPP was appointed preferred-bidder on its tenth OFTO, East Anglia One OFTO
  • In December 2020, the Company agreed to provide an additional £9.1 million of funding plus a contingent commitment of a further £12.6 million into Diabolo
  • In October 2020, the Company invested a further £1.1 million into the BSF Blackburn and Darwen projects
  • In August 2020, the Company invested a further £3.6 million into the BSF Bradford and Lewisham projects
  • During 2020, as part of the Company’s original £45 million commitment, the Company contributed £9.5 million to further invest in three of NDIF’s existing investments
  • In May 2020, the Company invested a further £6.7 million into BSF Essex Project and increased the Company’s existing investment to 28% on phase 1 and 100% on phase 2 of the project.
  • Since listing in 2006 to 31 December 2020, the Company has generated a Total Shareholder Return of 230.6%. This is equivalent to an annualised total shareholder return of 8.8% since the Company listed in 2006 and ahead of the long-term target of 7% or greater
  • Net Asset Value of INPP grew to £2.4bn at 31 December 2019 (31 December 2018: £2.2bn)
  • NAV per share increased by 2.5p to 150.6p (31 December 2018: 148.1p)
  • Full-year dividend increase of c.2.6% to 7.18 pence per share (31 December 2018: 7.00 pence per share)
  • During 2019, over £190 million of new capital was raised
  • Amber successfully completed c.£281.3m of additional investments for INPP during the year including:
    • £153.2m additional investment to acquire further interest in Cadent, UK
    • £71.5m senior debt investment made into an OFTO refinancing
    • £29.4m additional investment to acquire further interest BeNEX
    • £12.8m investment into digital infrastructure via the National Digital Infrastructure Fund
    • £12.4m investment into Midlands Batch Priority Schools Project (Batch 4)
    • £1.8m additional investment into Wolverhampton BSF Projects 1 & 2
    • £0.2m additional investment into Luton Building Schools for Future (‘BSF’) project, UK
  • Since listing in 2006 to 31 December 2019, the Company has generated a Total Shareholder Return of 209.3%. This is equivalent to an annualised total shareholder return of 9.0% since the Company listed in 2006 and ahead of the long-term target of 8% or greater
  • Net Asset Value of INPP grew to £2.0bn at 31 December 2017 (2016: £1.6bn)
  • Full-year dividend increase of c.2.5% to 7.00 pence per share (31 December 2017: 6.82 pence per share)
  • During 2018, £116 million of new capital was raised
  • Amber sourced investments and commitments for INPP of c.£105m during the year including:
    • £46.2m investment into Dudgeon Offshore Transmission Project, UK
    • £35-40m commitment to acquire further interest in Cadent, UK
    • £1.6m additional commitment into Offenbach Police Centre, Germany
    • £1.7m additional investment into Hertfordshire Building Schools for Future (‘BSF’) project, UK
    • £0.6m final investment into the second stage of Gold Coast Light Rail, Australia
    • £14.8m investment into digital infrastructure via the National Digital Infrastructure Fund
  • Since listing in 2006 to 31 December 2018, the Company has generated a Total Shareholder Return of 171.8%. This is equivalent to an annualised total shareholder return of 8.6%  since the Company listed in 2006 and ahead of the long-term target of 8% or greater
  • Net Asset Value of INPP grew to £2.0bn at 31 December 2017 (2016: £1.6bn)
  • During 2017, over £400 million of new capital was raised
  • Committed or invested £489.3m during the year including:
    • £274.0 million investment in Cadent gas distribution network (UK)
    • £87.0m additional investment into Reliance Rail PPP Project in Sydney, Australia
    • £78.2m follow-on investment in the Thames Tideway Tunnel (UK)
    • £20.8m follow-on investment was made into the Victoria Schools Project (Australia)
  • Since listing in 2006 to 31 December 2017, the Company has generated a Total Shareholder Return of 165.4%. This is equivalent to an average annual return of 9.2%  since the Company listed in 2006 and ahead of the long-term target of 8%-9% set at IPO
  • Net Asset Value of INPP grew to £1.60bn at 31 December 2015 (2015: £1.29bn)
  • Committed or invested £489.3m during the year including:
    • £274m investment into National Grid’s gas distribution network
    • £70.2m follow-on investment in the Thames Tideway Tunnel
    • £26.8m investment in Westermost Rough offshore transmission project
    • Acquisition of ten Building Schools for Future (“BSF”) projects for £72.3m
    • Capitalising on unique primary access to the North American P3 market through the Investment Adviser’s joint venture, with a £24.6 million investment in the US military housing sector
    • Further geographical diversification in low-risk, OECD countries with a £4.4 million commitment to invest in the 7.3km extension to the Gold Coast Light Rail PPP concession project in Queensland, Australia
  • Net Asset Value of INPP grew to £1.29bn at 31 December 2015 (2014: £1.062bn)
  • The Amber Consortium of which INPP is part, reached financial close on c. £26.5m of funding in relation to three of the five batches of schools being delivered through the Priority Schools Building Programme ('PSBP')
  • The Company acquired an additional £14.3m for 40% investment in the Lewisham BSF project, increasing the Company's overall exposure to between 40% and 50% in the underlying BSF assets
  • The Company was awarded preferred bidder status on its sixth offshore transmission asset (Westermost Rough) with investment expected in the fourth quarter of 2015
  • A strategic partnership between Amber and Hunt Companies, Inc, was agreed, providing an experienced and well-established partner with strong links to the public sector in the United States, one of the largest growth markets for infrastructure investments
  • Net Asset Value of INPP grew to £1.062bn at 31 December 2014 (2013: £935.4m)
  • Acquisitions during the year included:
    • Invested £171m into Links offshore transmission project (c.50% of project value) with European Investment Bank providing senior debt
    • Federal German Ministry of Education and Research HQ in Berlin (‘BMBF’) – 97% equity interest and 100% of the subordinated debt for £9.7m
    • Kent BSF– acquired 60% of Kier Project Investments’ 80% interest for £6.8m. Now own 58% of the project, with Kent County Council owning the remaining 42%
    • Wolverhampton BSF – £0.5m follow-on investment in second phase PFI to design, construct, finance and operate two high schools
  • Part of consortium appointed on the £700m Priory Schools Building ‘Aggregator’ Program – INPP will contribute around c.10% of the funding requirements
  • Divested non-strategic, minority stakes in several projects including interests in the Hull, Leeds, Newcastle, Rochdale, Sandwell and Leicester Building Schools of the Future projects. In addition, the company’s interest in the subscale Amiens hospital PPP project in France was sold
  • Successfully raised £95m equity via tap issuance to reduce corporate debt facility
  • Net Asset Value of INPP grew to £935.4m at 31 December 2013 (2012: £861.0m)
  • Liverpool Central Library & Archive reached construction completion in January and was officially opened to the public
  • £36.5 million of investments made during the year:
    • Alberta Schools, Canada – acquired remaining 25% interest in the project for £7.5m. Now own 100% of the project equity
    • Building Schools for the Future (BSF) – £1.0m investment into additional stakes of a PFI project. Follows initial investment in 2011
    • Northern Diabolo Rail Project, Belgium – acquired remaining 25% economic interest for €33.3m (£28.0m)
  • Raised £46.5m of new equity for INPP
  • Fifth offshore transmission project awarded and fourth project, Ormonde, reached financial close
  • Raised £200m of new equity through Placing, Open Offer and Offer for Subscription
  • Further investment in a Building Schools for the Future portfolio
  • Net Asset Value of INPP grew by to £861.0m at 31 December 2012 (2011: £624.3m)
  • £100 million corporate debt facility renewed
  • £52 million of new equity issued
  • New assets acquired during the year include:
    • Building Schools for the Future interested acquired – first secondary transaction for the fund
    • First UK offshore transmission projects, Robin Rigg, Barrow and Gunfleet Sands
    • Interest in Liverpool Library, UK
    • Interest in Gold Coast Rapid Transit, Australia
    • Eight NHS health schemes, UK
    • Additional interest in Long Bay Forensic and Prison Hospital and Royal Melbourne Showgrounds, Australia
  • Net Asset Value of INPP grew by 3.4% to £624.3m at 31 December
  • £100 million raised through tap issues, placement and open offer
  • Assets in the portfolio grew to 60. New assets acquired during the year include:
    • Three NHS LIFT projects based in London
    • Moray Schools, Scotland
    • Pforzheim Schools, Germany
    • Additional investment in BeNEX, the Company’s German rail operating business
  • Net Asset Value grew by 29% to £541.9 million at 31 December
  • BBPP renamed International Public Partnerships; Amber Infrastructure Group assumes role of fund Investment Advisor
  • Number of assets in the portfolio unchanged at 50
  • Net Asset Value fell more than 3% to £420.2 million at 31 December
  • Raised £84 million in additional equity via a C Share Offering
  • £100 million corporate debt facility negotiated
  • Total number of assets in portfolio increased to 50 New assets acquired during the year include:
    • Stake in Brescia Hospital, Italy
    • Orange Hospital, Australia
    • Additional interest in Diabolo Rail, Belgium
    • Portfolio of NHS LIFT assets, UK
    • Royal Children's Hospital, Australia
    • Interest in Angel Trains, UK
    • Interest in schools projects, Canada and Wales
  • Net Asset Value grew by over 30% to £431.8 million at 31 December
  • Portfolio increased to 30 PFI and other infrastructure assets including the following new assets: 
    • Durham court complex, Canada
    • Interest in BeNEX rail, Germany
    • Dublin Criminal Courts, Ireland
    • Medicast Amiens Hospital, France
    • Portfolio of nine Australian schools
  • Net Asset Value at 31 December grew by over 7% to £330.4 million
  • Babcock and Brown Public Partnerships (BBPP) (now International Public Partnerships Limited) listed on the London Stock Exchange raising £300 million (9 November)
  • Initial portfolio of 23 PFI and other infrastructure assets including:
    • HM Revenue and Customs Offices, Bootle;
    • Magistrates Courts, Derbyshire and Hereford & Worcester
    • UK police headquarters/stations, Abingdon, Norfolk and North Waler
    • Strathclyde Police Training Centre
    • Six UK schools projects
    • Portfolio of six UK NHS lift projects
    • Long Bay Forensic and Prison Hospitals, RiverCity Motorway Project and Royal Melbourne Showgrounds Redevelopment, Australia
    • Net Asset Value at 31 December £306.6 million

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