International Public Partnership Ld Further Investment in Gold Coast Light Rail (7961S)
28 December 2016 - 6:00PM
UK Regulatory
TIDMINPP
RNS Number : 7961S
International Public Partnership Ld
28 December 2016
28 December 2016
INPP to Make Further Investment in Gold Coast Light Rail
Project
International Public Partnerships Limited ('the Company',
'INPP'), the listed infrastructure investment company, is pleased
to announce that it has acquired a further 3.33% interest in the
Gold Coast Light Rail Project (Stages 1 and 2, 'the Project') from
Aveng Group ('the Acquisition').
The follow-on investment in the Project has arisen from
shareholder rights to acquire proportionate shares from fellow
consortium members who choose to dispose their interests. The
Acquisition will increase INPP's total investment from 26.67% to
30%.
The Company has been a long-standing shareholder in the Project
through the GoldLinQ Consortium alongside Plenary Group, Marubeni
Group, Palisade and Keolis. Stage 1 of the Project delivered by the
Queensland Government and GoldLinQ, saw the development of a A$1.29
billion, 13km light rail system between Gold Coast University
Hospital and Broadbeach. It has been operational since July 2014.
Stage 2, comprises a 7.3km extension from the Gold Coast University
Hospital north to Helensvale which will link the light rail system
to the State's heavy rail line and incorporate three additional
stations. Construction completion of Stage 2 of the project is
scheduled at the end of the 2017.
Key features of the Project include:
-- 13 year concession term ending in 2029 (to coincide with the original project term);
-- Revenues linked to the availability of the asset and partially linked to Australian CPI;
-- Construction and operations risk fully passed down to
McConnell Dowell (Stage 1) and CPB Contractors (formerly Leighton
Contractors) (Stage 2) as Design and Build Contractors and Keolis
Downer EDI (currently the incumbent Operations and Maintenance
Contractors);
-- Revenues contracted with the Queensland State Government;
-- No refinancing risk;
-- Robust financial structure in place with conservative gearing
and senior debt provided for the term of the concession by BBVA,
Intesa, KfW, EDC, BTMU and Mizuho.
Under the terms of the Acquisition the Company will make
immediate and future committed investments totalling approximately
A$3.5m. (c.GBP2.05 million at current exchange rates). Future
investments under the terms of the Acquisition will be made during
the second half of 2017 and are secured by a letter of credit. The
return profile of the investment pursuant to the Acquisition is
expected to be consistent with the returns being generated by the
Company on its existing investment in the Project.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0)20 3 727 1046 / 1039
FTI Consulting
Notes to Editors:
About Gold Coast Light Rail Extension
Further information about the project is available at
http://www.gclrstage2.com.au/stage2.
About International Public Partnerships (INPP):
International Public Partnerships (INPP) is a listed
infrastructure investment company which invests in global public
infrastructure projects developed under the public private
partnerships (PPP), private finance initiative (PFI), regulated
asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in over 120 social
and transport infrastructure projects, including schools,
hospitals, courts, police headquarters, transport, waste water and
utility and transmission projects in the U.K., Europe, Australia
and North America. INPP seeks to provide its shareholders with both
a long-term yield and capital growth through investment across both
construction and operational phases of typically 25-40 year
concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to
INPP and consists of over 90 dedicated staff who manage, advise on
and originate projects for INPP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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