International Public Partnership increases stake in Lewisham project

20th Apr 2015 08:38

Investment group International Public Partnership (IPP) has acquired an additional 40% investment in the Lewisham Building Schools for the Future (BSF) project from Babcock Project Investments.The company said the acquisition will cost £14.3m and will bring its overall exposure to between 40% and 50% in the underlying project assets, adding that deal will be funded using corporate debt facilities.The project, located in the South East London borough of Lewisham, includes four BSF schools - Sedgehill and Conisborough Schools, Trinity School, Deptford Green School and Bonus Pastor, Pendergast and Drum Beat Schools.The FTSE 250 group said that following the acquisitions it will hold a 50% interest in the first three of the school assets and 40% in the fourth, with the remaining interest held by Costain Pension Fund and Lewisham Borough Council.IPP shares were up 0.29% to 138.90p at 08:53 on Monday.