International Public Partnerships Limited (INPP) has announced the disposal of its holding in Medicast SAS, the Amiens hospital PPP project in France.
The sale was conducted on an opportunistic basis following an unsolicited offer for the investment from a boutique French asset management company specialising in PPP asset management and origination, Atlante Gestion.
INPP's 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 determined that the Amiens investment was subscale in the context of its broader portfolio, representing less than 0.05% of the company's net asset Value (as at 31 December 2013).
INPP expects to re-invest the proceeds from the sale in the current pipeline of new infrastructure opportunities being developed by the company and its investment adviser.
Mr. Rupert Dorey, Chairman of INPP, stated:
The divestment of Amiens highlights the continuing investor demand for high-grade PPP assets across Europe. The willingness to optimise INPP's portfolio for our investors means we can capitalise on such appropriate divestment opportunities as they arise.
The new €520 million University Hospital of Amiens is located in the north of Paris. Bouygues Construction was the chosen contractor, in what represented a €260 million investment. This Hospital accommodate 1238 beds, 30 operations rooms and over 2000 parking spaces, all within an area of 180.000 m². Bouygues Construction trusted Mecanobloc to perform the installment of 100.000 m² of Suspended Ceilings.