HSBC Infrastructure buys another school stake

9th Jul 2009 08:43

HSBC Infrastructure has purchased a 50% stake in the Highland Schools Public/Private Partnership (PPP) project.The investment firm, which specialises in infrastructure investment, is paying £16.8m to Morrison Education (Highland) Limited for the stake.The company said the price paid is in line with the current valuation range of similar PPP investments in its portfolio.The Highland Schools project comprises five primary schools, three secondary schools, a combined primary and secondary school and a special needs school. Construction is due to complete in the autumn.The project is financed through long term fixed-rate guaranteed senior secured bonds and a European Investment Bank loan.