(Alliance News) - International Public Partnerships Ltd said on Friday that it successfully reached financial close on the acquisition of five infrastructure investments in New Zealand.
The London-based infrastructure and business investment firm said that the NZD218 million, or GBP108 million, portfolio provides it with 100% ownership of five New Zealand investments.
International Public Partnerships purchased the investments from HRL Morrison & Co for NZD200 million. HRL Morrison & CO is a Wellington, New Zealand-based asset manager investing in infrastructure and property.
International Public Partnerships announced the acquisition on December 9, and said that three of the investments are school projects across New Zealand, another is an investment in Auckland Prison, and the last was a purpose-built student accommodation facility at the Auckland University of Technology.
International Public Partnership said that these investments would deliver long term stable cash flows, and that average remaining investment life of the projects is more than 24 years.
"These high-quality infrastructure assets represent INPP's expansion into the mature New Zealand market, diversifying our investment portfolio and complementing the company's Australian activity," said Chair Mike Gerrard.
Shares in International Public Partnership were up 0.3% at 137.64 pence in London on Friday.
By Will Neill, Alliance News reporter
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International Public Partnerships (INPP)