Liverpool Central Library PPI sold on to INPP

The public private finance initiative for the rebuilding of Liverpool Central Library for Liverpool City Council has been sold to International Public Partnerships.

INPP, an infrastructure investment company listed on the stock exchange, said the deal was part of an acquisition of nine schemes including eight NHS LIFT projects.

The refurbishment of Liverpool Central Library involves the replacement of the 1950s and 1970s library facility, and will feature new visitor facilities with improved access to the book collections, as well as purpose-built facilities for Liverpool's Record Office, designed by architects Austin-Smith:Lord.

Construction is now underway and is on schedule for completion in December 2012.

Liverpool City Council agreed a 25-year deal with Inspire Partnership, a joint venture between Amber Infrastructure and Shepherd Construction, last summer.

Shepherd Construction held a 19.9% stake, while Amber had an 80.1% share. INPP has bought the balance held by Amber.

Nationwide Building Society's commercial division and German partner bank Helaba also teamed up to fund the PFI in the summer.

INPP said the eight UK LIFT projects include South Bristol Community Hospital, Goscote Palliative Care Centre, and Harrow Neighbourhood Resource Centres, as well as additional interests in five existing NHS LIFT projects.

The total acquisition price for all nine projects is £10.8m.

Giles Frost, director at International Public Partnerships, said: "The projects further underline our long-term commitment to investing in UK social infrastructure and the excellent investment pipeline in place for INPP."

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