International PPL partially sells FHSP investment

International Public Partnerships announced the partial disposal of its investment in the Family Housing Support Project (FHSP) on Friday, generating £30m.

The FTSE 250 company said the sale price aligned with its valuation as of 30 June.

It said the FHSP investments consisted of mezzanine debt secured against seven operational public-private partnership projects, encompassing around 21,800 housing units across the United States.

This disposal was part of its capital allocation strategy, which includes a targeted programme of divestments.

INPP said it identified the FHSP investments as suitable for disposal as part of its ongoing portfolio review.

Proceeds from the sale would be used to support the company’s share buyback programme and meet upcoming investment commitments.

The remaining FHSP investments held by INPP were valued at £73m as of 30 June.

“We are pleased to report that the company has successfully realised a further £30m from divestment activity,” said chair Mike Gerrard.

“This takes realised proceeds over the last 18 months to over £260m, representing 10% of the portfolio by investment at fair value across digital infrastructure, social infrastructure and energy transmission sectors in the UK and North America.

“All realisation activity has been in line with, or slightly above, the most recently published valuations.”

At 0843, shares in International Public Partnerships were up 0.16% at 125.8p.

Reporting by Josh White for Sharecast.com.