International Public Partnerships Ltd on Friday announced a partial disposal of its Family Housing for Service Personnel, or FHSP, investment.
The London-based infrastructure investor said the disposal realised circa £30 million, and reported the sale price was in line with the company’s June 30 valuation.
Its FHSP mezzanine debt investments are secured against seven operational public-private partnerships projects, and include around 21,800 housing units across the US. The company said the FHSP investments it continues to hold were valued at circa £73 million at June 30.
The disposal was made in line with International Public Partnerships’ stated capital allocation strategy, which includes the maintenance of a targeted divestment program. It said the transaction will allow it to reallocate proceeds towards its ongoing share buyback program, as well as near-term investment commitments.
To date, the company has bought circa £22.5 million in shares under its buyback program, which it recently extended to a £60 million program expected to run until March 31, 2025.
International Public Partnerships currently holds investment commitments totalling around £35 million across the transport, education and digital sectors, and expects to have invested the majority of this amount by December 31, 2025.
Chair Mike Gerrard said: ‘We are pleased to report that the company has successfully realised a further circa £30 million from divestment activity. This takes realised proceeds over the last 18 months to over £260 million, representing circa 10% of the portfolio (by investment at fair value) across digital infrastructure, social infrastructure and energy transmission sectors in the UK and North America. All realisation activity has been in line with, or slightly above, the most recently published valuations.’
Shares in International Public Partnerships were up 0.1% at 125.72 pence each in London on Friday morning.
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