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LONDON (Alliance News) - International Public Partnerships Ltd Tuesday said it has been selected as the preferred bidder to fund five batches of schools under the Priority Schools Building Programme and the UK Government's Private Finance 2 public-private partnerships initiative.
INPP was selected as part of a consortium led by Amber Infrastructure.
The Priority School Building Programme is a centrally managed government programme set up to address the needs of UK schools most in need of urgent repair. Through the programme, 261 schools will be rebuilt or have their condition needs met by the Education Funding Agency.
The first school will be completed in 2014 with all schools within the programme delivered by the end of 2017. As part of the programme, 46 schools in five batches worth a combined GBP700 million will be delivered via private finance funding using the PF2 structure.
INPP expects to provide around 10% of this funding as each batch reaches financial close over the next 12 months.
INPP shares were quoted down 0.1% at 131.75 pence Tuesday afternoon.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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