International Public Partnerships Limited (INPP) has acquired an additional interest in the Wolverhampton Building Schools for the Future PFI project, England.

INPP will commit a further £7.2 million (US$9.6 million) to acquire Carillion's 72% stake, growing the company's existing 10% investment in the Project to 82%. 

Carillion was chosen as preferred bidder for the development of Wolverhampton Building Schools for the Future PFI project  in 2010. The project had a cost of £370 million (US$495 million). 

The project comprises two secondary schools, Heath Park Academy in the Fallings Park area and Deansfield Community School in the Wardle area of Wolverhampton. Both schools are a mixture of new build and refurbished pre-existing buildings. Upon completion, the schools will provide greatly enhanced education facilities for over 2,000 secondary school students.

Rupert Dorey, Chairman of International Public Partnerships, said:

 "Since 2011, INPP has invested over £125 million into the development and refurbishment of over 200 individual schools across the UK through the Building Schools for Future scheme. This demonstrates the attractiveness of the asset class that helps provide our investors with predictable, low-risk and long-term returns as shareholders in our Company. The pre-emption rights secured at the time of the Building Schools for Future acquisition continue to present high-quality investment opportunities which can be executed immediately to the material benefit of the value of our underlying portfolio."