Dublin Criminal Courts
Details

Building Schools for the Future portfolio (NOT USED)

The Building Schools for the Future (BSF) program was established in 2004 to build and/or refurbish schools in England.  Although the BSF programme was cancelled shortly after the election in 2010, INPP acquired, in August 2011, the government’s interests in the public private partnerships (LEP’s) set up to deliver the BSF Programme – Building Schools for the Future Investments (BSFI).  At that time BSFI held 10% stakes in 32 LEP’s and investment stakes of between 10%-20% in 48 BSF project delivery companies. 

The Investments were located across England in Barking & Dagenham, Barnsley, Birmingham, Blackburn & Bolton, Bradford, Bristol, Cambridgeshire, Derby, Derbyshire, Durham, Essex, Islington, Kent, Lancashire, Leicester, Lewisham, Luton, Newham, Nottingham, Salford & Wigan, Sandwell, Sheffield, Somerset, Southwark, South Tyneside & Gateshead, Tameside, Waltham Forest and Wolverhampton.

Since its acquisition by INPP, BSFI has made three follow on investments of between 10-27% in new BSF projects delivered by the LEP’s notwithstanding the cancellation of the BSF programme. The investment in BSFI came with certain pre-emption rights allowing BSFI to acquire the investments of fellow shareholders who were seeking to sell.  As a result, BSFI has made additional investments in projects in Tameside, South Tyneside & Gateshead, Durham, Nottingham, Kent and Lewisham, increasing its investment in those projects to between 46% and 91%.  

More recently, in projects where there are other  long term investors, INPP has agreed to sell BSFI’s original and follow on, minority investments.  To date investments in Hull, Leeds, Newcastle, Rochdale, Sandwell, Sheffield and Leicester have been sold.  In each case INPP determined that it had no realistic scope to significantly increase or convert its minority investment position to a majority investment position and therefore considered, based on the price offered, a sale would be in the best interests of the Company.   

100% of the assets in the portfolio are fully operational.  The current BSFI portfolio consists of 77 schools held in 43 project companies developed by 25 LEP’s.

Revenues are all availability based and payable by the respective Local Authority

Building Schools for Future Investment Case Studies

Country UK
Sector Education
Status Operational
Location Various, England
Ownership Various 10-91%
Financial close Acquired August 2011
Concession term Various up to November 2040
thumbanail image
thumbanail image