LONDON (Alliance News) - International Public Partnerships Ltd Monday said it has sold its holding in Medicast SAS, its Amiens hospital public-private partnership project in France for an undisclosed sum.
INPP said the sale was conducted on an "opportunistic basis" following an unsolicited offer for the investment from boutique French asset management company Atlante Gestion, which specialises in public-private partnership asset management and origination.
The company said its 95% interest in the equity and subordinated debt behind Amiens was purchased by Atlante Property Management for a premium to the company's valuation for the project.
INPP said its Amiens investment was "subscale" in the context of its broader portfolio, representing less than 1% of its net asset value at the end of December.
The company expects to re-invest the proceeds from the sale in the current pipeline of new infrastructure opportunities being developed by its investment adviser.
International Public Partnerships shares were quoted up 0.1% at 130.90 pence Monday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
International Public Partnerships (INPP)