bEnex acquires Abellio's
regional rail operations in Germany
16 October
2024
International Public Partnerships
Limited, the listed infrastructure investment company ('INPP' or
the 'Company') is pleased to confirm that BeNEX, its portfolio
company, has successfully completed the acquisition of Abellio's
regional rail operations in Germany ('Abellio Germany').
BeNEX, which is wholly-owned by
INPP, is an investor in both rolling stock and five train operating
companies ('TOCs') which operate regional passenger rail services
across Germany under contract with numerous German federal states.
The vast majority of the revenues generated by BeNEX are
availability-based with limited exposure to passenger
numbers.
Abellio Germany principally
comprises two TOCs generating largely availability-based revenues.
The transaction, which sees BeNEX acquire 100% of Abellio Germany
from the Dutch State Railway, will result in BeNEX having interests
in seven TOCs and increasing its service volume from c.48 million
train kilometres per year to c.65 million train kilometres per year
from 2025.
The transaction results in BeNEX
becoming one of the largest providers of local rail passenger
transport in Germany, and further increases the Company's
contribution to the decarbonisation of transport within
Germany.
As previously reported, the
projected economics of this c.£15 million investment into BeNEX are
significantly more attractive, over the medium to long-term,
relative to the economics of engaging in a share
buyback[i].
The investment has been financed
using proceeds from recent realisation activity. The Company's
Corporate Debt Facility ('CDF') remains undrawn with c.£15
million long-standing investment commitments across the transport (Gold Coast Light
Rail - Stage 3), education (Flinders University Health and Medical
Research Building) and digital (toob) sectors. It is currently
expected that the majority of these amounts will be invested over
the period to 31 December 2025.
Mike
Gerrard, Chair of International Public Partnerships
said: "We are pleased to announce this acquisition,
which strengthens our presence in Germany's transport sector. This
transaction was considered more attractive than alternative capital
allocation options. In addition, the acquisition further supports
the Company's strategy to support the transition to net zero and
deliver sustainable growth."
ENDS.
For further information:
Erica
Sibree
+44 (0) 7557 676 499
Amber Fund Management
Limited
Hugh
Jonathan
+44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop
+44 (0) 7703 330 199 / (0)
7807 296 032
FTI Consulting
About International Public Partnerships:
INPP is a listed infrastructure
investment company that invests in global public infrastructure
projects and businesses, which meet societal and environmental
needs, both now, and into the future.
INPP is a responsible, long-term
investor in over 140 infrastructure projects and businesses. The
portfolio consists of utility and transmission, transport,
education, health, justice and digital infrastructure projects and
businesses, in the UK, Europe, Australia, New Zealand and North
America. INPP seeks to provide its shareholders with both a
long-term yield and capital growth.
Amber is the Investment Adviser to
INPP and consists of approximately 180 staff who are responsible
for the management and origination of infrastructure
investments.