Key Takeaways
- • Dutch civil service pension scheme ABP has added a portfolio of nine UK school public-private partnership (PPP) projects to its European social infrastructure portfolio managed by InfraRed Capital Partners.
- • UK-listed International Public Partnerships (INPP) sold the nine projects for more than £58m (€67.7m), a price the seller said represented a premium to the assets' last published valuation in December 2025.
- • The projects comprise 15 schools across the London boroughs of Ealing, Islington, Southwark and Lewisham, originally delivered under the UK government's Building Schools for the Future programme launched in 2004.
- • INPP said the disposal is part of a capital recycling programme; it will have realised over £440m over the past three years following the transaction.
- • The acquisition runs through a separately managed account (SMA) that InfraRed manages on behalf of APG, under a 22-year European social infrastructure mandate awarded in August 2025.
Summary
Dutch civil service pension scheme ABP has added a portfolio of nine UK school public-private partnership (PPP) projects to its European social infrastructure portfolio managed by InfraRed Capital Partners, according to IPE Real Assets. UK-listed International Public Partnerships (INPP) sold the projects to the separately managed account (SMA) run by InfraRed on behalf of pensions asset manager APG for more than £58m (€67.7m). INPP said the price represented a premium to the assets' last published valuation in December of last year.
The nine PPP projects comprise 15 schools serving secondary, special educational needs and further education students across the London boroughs of Ealing, Islington, Southwark and Lewisham. The assets were originally delivered under the UK government's Building Schools for the Future programme, launched in 2004.
INPP said the disposal forms part of its capital recycling programme, which aims to realise proceeds from mature assets and provide flexibility to fund higher-returning investment opportunities and share buybacks. Following the transaction, INPP will have realised over £440m over the past three years. Sarah Whitney, chair of INPP, said the premium sale "provides further validation of INPP's high-quality assets and the inherent value embedded in the existing portfolio," adding that proceeds, combined with internal cash flows, are being reinvested in attractive assets and are accretive to overall returns.
Sean Watson, partner at InfraRed, said the acquisition reflects a shared conviction in the long-term value of essential social infrastructure and InfraRed's ability to source and actively manage investments in sectors requiring specialist expertise. He described the portfolio as well-established education facilities that play an important role in their communities.
The deal builds on a mandate InfraRed won in August 2025 to manage European social infrastructure assets on behalf of APG over 22 years. The newly formed SMA was seeded with a £225m portfolio of core UK assets acquired from HICL Infrastructure.
The nine PPP projects comprise 15 schools serving secondary, special educational needs and further education students across the London boroughs of Ealing, Islington, Southwark and Lewisham. The assets were originally delivered under the UK government's Building Schools for the Future programme, launched in 2004.
INPP said the disposal forms part of its capital recycling programme, which aims to realise proceeds from mature assets and provide flexibility to fund higher-returning investment opportunities and share buybacks. Following the transaction, INPP will have realised over £440m over the past three years. Sarah Whitney, chair of INPP, said the premium sale "provides further validation of INPP's high-quality assets and the inherent value embedded in the existing portfolio," adding that proceeds, combined with internal cash flows, are being reinvested in attractive assets and are accretive to overall returns.
Sean Watson, partner at InfraRed, said the acquisition reflects a shared conviction in the long-term value of essential social infrastructure and InfraRed's ability to source and actively manage investments in sectors requiring specialist expertise. He described the portfolio as well-established education facilities that play an important role in their communities.
The deal builds on a mandate InfraRed won in August 2025 to manage European social infrastructure assets on behalf of APG over 22 years. The newly formed SMA was seeded with a £225m portfolio of core UK assets acquired from HICL Infrastructure.
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