International Public Partnerships refinances Liverpool library project

Infrastructure investor International Public Partnerships has refinanced the senior debt in the Liverpool Central Library project in conjunction with Aviva Investors, freeing up £1m more for Liverpool City Council.

The refinancing enabled the Council to take advantage of improved lending margins in the current debt market.

International Public Partnerships said the gain on the refinancing was shared in with the Council enabling it to achieve significant additional value for money from the library.

IPP has refinanced four schemes in conjunction with Aviva and Amber Infrastructure, with further refinancings planned later in 2018.

Chairman Rupert Dorey said: "In refinancing Liverpool Central Library's debt on more favourable terms, we have delivered material cost savings to the public sector end-user and in doing so, demonstrated our commitment to active asset management of the public infrastructure projects under our long-term ownership.

"We continue to maintain exceedingly strong relationships with all our public stakeholders and we look forward to continuing to help manage a leading UNESCO world heritage site for Liverpool's tourists and local residents."