Scotland, North England, London and the South East regions had marginally higher rates of PPP equity transactions compared with the regional distribution of PPP projects - see Table 17. A more accurate analysis is complicated by the increasing national bundling of projects in equity transactions with 15.4% in the 'national/more than one region or unknown' category compared to only 4.9% of PPP projects in this category in the HM Treasury database regional analysis (HM Treasury, 2012).
Table 17: Regional analysis of PPP equity sales
| Region | HM Treasury Database | PPP Equity Database* | ||
| No of PPP projects | % of total | No of PPP projects | % of total PPP equity sales | |
| North East | 48 | 6.9 | 56 | 7.8 |
| North West | 74 | 10.6 | 67 | 9.4 |
| Yorkshire & Humber | 69 | 9.9 | 46 | 6.4 |
| East Midlands | 40 | 5.7 | 28 | 3.9 |
| West Midlands | 50 | 7.2 | 41 | 5.7 |
| East of England | 34 | 4.9 | 23 | 3.2 |
| London | 100 | 14.4 | 108 | 15.1 |
| South East | 48 | 6.9 | 67 | 9.4 |
| South West | 50 | 7.2 | 47 | 6.6 |
| Wales | 30 | 4.3 | 20 | 2.8 |
| Scotland | 82 | 11.6 | 96 | 13.4 |
| Northern Ireland | 38 | 5.5 | 11 | 1.5 |
| National/more than one region | 34 | 4.9 | 106 | 14.8 |
| Total | 697 | 100.0 | 716 | 100.0 |
Source: European Services Strategy Unit PPP Equity Database 2012 and HM Treasury PFI Database, November 2011 Includes some multiple sales of equity. * Note: the databases are not strictly comparable. The HM Treasury database records current operational PFI projects. The PPP Equity Database records sales of equity in SPCs.
Similar changes in ownership are evident at a city-wide level. Manchester, Edinburgh and Newcastle had the highest number of PPP equity transactions outside of London - see Table 18. However, very limited price and rate of return information was available, so it was not possible to undertake a more detailed city analysis.
Table 18: Equity sales in Cities
| City | No of equity sales | Total sale price £m (number of transactions) | Profit £m |
| Manchester | 15 | 15.2 (2) | 10.0 (2) |
| Newcastle upon Tyne | 11 | 56.3 (4) | 1.1 (1) |
| Sheffield | 9 | 26.7 (4) | 5.5 (2) |
| Edinburgh | 13 | 32.6 (2) | n/a |
| Birmingham | 5 | 34.6 (1) | n/a |
| Cardiff | 2 | 1.0 (1) | n/a |
| Glasgow | 8 | n/a | n/a |
| Leeds | 6 | n/a | n/a |
Source: European Services Strategy Unit PPP Equity Database 2012. n/a - not available
Equity in seven large PFI projects in Newcastle upon Tyne has been sold in the last six years (ESSU, 2011). They include schools, hospital, health centre, city library and Department of Work and Pensions offices and account for about three-quarters of the city's operational PFI projects.
Three projects have equity owned by infrastructure funds registered in tax havens.
• Newcastle City Library: Kajima sold its 50% shareholding to HSBC Infrastructure Company (HICL) for £3.0m in 2010. HICL is registered in the Guernsey tax haven.
• Newcastle Hospitals Transformation: John Laing's 40% equity investment transferred to the ultimate ownership of Henderson Global Investors following the takeover of John Laing in 2006. Laing sold a 25% stake to the Commonwealth Bank of Australia in 2010, followed by a 15.9% stake to the John Laing Infrastructure Fund, registered in the Guernsey tax haven, in 2012.
• Newcastle City Council Building Schools for the Future 1: Robertson Capital sold 49% equity shareholding to Elgin Infrastructure Ltd, a joint venture company between Robertson and 3i Infrastructure (registered in the Jersey tax haven). The Government's shareholding was sold to International Public Partnerships, also registered in Guernsey, in 2011
• Newcastle and North Tyneside NHS LIFT: Robertson Capital sold 49% equity shareholding to Elgin Infrastructure Ltd, a joint venture company between Robertson and 3i Infrastructure.
• Newcastle City Council 'Building Schools for the Future': 20% stake owned by Parsons Brinkerhoff transferred to Balfour Beatty ownership when they acquired the US firm in 2009.
• Newcastle City Council Grouped Schools 1: Bank of Scotland's 50% shareholding transferred to joint venture, with four pension funds in 2008, immediately prior to Lloyds Bank takeover of the bank. Lend Lease (Australia) transferred its 50% shareholding to Catalyst Investment Holdings Ltd, a joint venture company between Lend Lease and the Bank of Scotland in 2006. The shareholding was transferred to the new Lend Lease Infrastructure Fund, jointly managed with the Dutch pension fund, PGGM Vermogensbeheer, in December 2010.
• Newcastle Estate Partnership - rationalisation of Department of Work and Pensions offices: Amec plc sold its 50% shareholding to the Amec Staff Pension Fund for £25m in 2006.