PPP, Social Infrastructure

Danish PPP Portfolio Acquisition

December

2021

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Project Info
Client
INPP
Location
Denmark
Value
GBP 14m
Sub-Sectors
Sub-Services
project lead

Daniel Tyerman

Managing Partner
We acted as exclusive financial advisor to International Public Partnerships (INPP) on the acquisition of four PPP projects in Denmark.

International Public Partnerships Limited (INPP) the FTSE 250 listed infrastructure investment company, has acquired an interest in a portfolio of four Danish public-private partnerships (PPP) projects delivering availability-based, long-term, predictable cash flows. The Company holds a majority interest in the portfolio, which was acquired at a cost of c.£14 million.

This acquisition marks the Company’s first investment in Denmark and, through the growing presence of its Investment Advisor, Amber Infrastructure (‘Amber’), provides a platform for further investment opportunities into the region.

The Projects, which provide essential infrastructure and are geographically spread across Denmark, include:

  • a specialist land registry court archive building in Hobro that accommodates 150 public sector employees;
  • a hospital car parking facility with c.550 parking spaces adjoined to a regional hospital in Randers;
  • a 1,000-pupil school in Ørsted; and
  • an 800-pupil school in Vildbjerg.

The investments directly support targets outlined in Sustainable Development Goals 4 (Quality Education), 9 (Industry, Innovation and Infrastructure) and 16 (Peace, Justice and Strong Institutions). Other key features of the investments include:

  • 100% availability-based revenue streams with public sector counterparties backed by the Danish State;
  • Long-term stable cashflows with project length of up to 20 years;
  • A track record of strong operational performance; and
  • Essential infrastructure – the Portfolio’s investments all provide critical infrastructure services to their respective communities.

Following financial close of the acquisition and draw down under the facility the Company will be approximately £160 million drawn against its £250 million corporate debt facility, including £9 million issued by way of a letter of credit to support the Company’s commitment to invest in the Flinders University Health and Medical Research Building upon construction completion in March 2025.

Mike Gerrard, Chair of INPP said: “We are delighted that the Company has made its first investment in Denmark and, through Amber, we are able to see an interesting range of further investments opportunities in the region.”

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