Appendix 2 PPP equity sales with profits data in UK (1998-2012)

Vendor

PPP project

No. of PPP

Purchaser of equity

% share holding sold

Price £m

Profit/loss £m

Annual Rate of Return at time of equity sale

1998

Serco Ltd

Defence Helicopter Flying School (FBS Limited, operational contract - 47 helicopters and site services)

1

FR Aviation Ltd and Bristow Helicopter Group

33.0

3.4 plus net liabilities

4.6

179.3

2001

Western Power Distribution

Hyder Investments plc - A55 road

6

John Laing plc

Various stakes

92.5

58.5

63.3

A130 road

M40 road project

Dockland Light Railway

London Underground Connect project

Ministry of Defence headquarters

2003

Amey plc

M6, Scotland

8

John Laing plc

19.5

42.9

25.9

45.2

A19 road

50.0

Birmingham & Solihull Mental Health Foundation Trust (Erdington & Winson Green)

MoD Main Building

British Transport Police London Underground

Glasgow schools-Project 2002

25.5

Edinburgh schools

30.0

Walsall street lighting

50.0

Mowlem Construction

City Greenwich Lewisham Rail Link (Docklands Light Railway)

1

Infrastructure Investors

40.0

19.4

16.0

73.3

John Laing plc

National Physical Laboratory

1

Serco Group plc

50.0

0.8

0.4

21.1

Wackenhut Corrections Corporation Inc

Premier Custodial Group: HMP Dovegate Prison

4

Serco Group plc

50.0 - now has 100%

48.6

35.0

66.8

HMP Ashfield Prison

HMP Lowdham Grange Prison

Hassockfield Secure Training Centre

John Laing plc

A19 road Dishforth to Tyne Tunnel

1

PFI Investors Ltd

50.0

3.4

No profit or loss

0.0

Vinci plc

Lloyd George Avenue and Callaghan Square City Link Road, Cardiff

1

Vinci Pension Scheme

50.0

1.0

nil

0.0

Carillion plc

Darent Valley Hospital

1

Barclays Infrastructure Fund

50.0

5.2

1.1

4.3

WS Atkins plc

Connect Roads - A50/A564 Stoke-Derby

3

Balfour Beatty plc

32.1

13.3

8.9

39.4

A30/A35 Exeter-Bere Regis

M77 Scotland

2004

Anglian Water Group

Tay Wastewater Project, Scotland (Acquired stake in takeover of Morrison Construction in 2000)

1

Henderson Private Capital

33.3

12.0

8.0

47.1

Carillion plc

M40 Denham to Warwick

1

John Laing plc

50.0

19.0

7.7

16.1

Carillion plc

A249 Stockbury to Sheerness, Kent

1

John Laing plc

50.0

1.2

Quayle Munro Holdings PFI Fund

Aberdeenshire Schools PPP1

10

PFI Infrastructure Company (listing on Alternative Investment Market)

20.0

4.4

2.1

39.2

Ingleby Barwick Campus, Stockton

20.0

Falkirk Schools PPP1

3.0

Edinburgh Schools PPP1

10.0

Chester-le-Street Hospital

20.0

Tiverton Community Hospital

40.0

Forfar & Kirriemuir Resource Centre, NHS Tayside

40.0

Mid Argyll Community Hospital, Lochigilphead, Scotland

40.0

Salisbury Hospital

40.0

Staffordshire street lighting.

40.0

John Laing plc

M40 Denham to Warwick

1

Secondary Market Infrastructure Fund

50.0

26.3

6.4 (in 3 mths)

128.6

PFI Infrastructure Company

Falkirk Schools Partnership PPP1

1

Secondary Market Infrastructure Fund

2.7

0.8

0.24

85.7

Interserve plc

Neath Port Talbot Hospital, Wales

1

25.5

4.3

1.9

17.3

2005

Kier Group plc

Neath Port Talbot Hospital, Wales

1

Secondary Market Infrastructure Fund

24.0

5.0

2.5

21.4

WS Atkins plc

Hereford Hospital - Mercia Healthcare (Holdings) Ltd

1

Secondary Market Infrastructure Fund

25.0

5.6

3.7

33.9

Alfred McAlpine plc

Hereford Hospital - Mercia Healthcare (Holdings) Ltd

1

Secondary Market Infrastructure Fund

25.0

5.6

2.9

18.7

Jarvis plc

London Underground PPP: Deep Tube Lines (Jubilee, Northern & Piccadilly) Jarvis shareholding in Tube Lines (Holdings) Ltd and Secondment Business of Jarvis LUL Limited

1

Amey plc

33.3

146.8

52.9

27.1

HSBC

Hereford Hospital - Mercia Healthcare (Holdings) Ltd

1

Secondary Market Infrastructure Fund

25.0

5.6

2.9

18.7

WS Atkins plc

Penweddig Secondary School, Aberystwyth

1

Innisfree Ltd

42.5

1.4

0.7

17.4

Autostrade S.p.A

M6 Toll Road (Midland Express Limited)

1

Macquarie Midland Holdings Limited

25.0

49.0

12.0

6.8

John Laing plc

Joint Services Command & Staff College, Swindon, Defence Management (Holdings) Ltd

1

Serco Group plc

50.0

5.9 plus liabilities

7.9

56.7

Alfred McAlpine plc

Wythenshaw Hospital, University Hospital of South Manchester NHS Foundation Trust

1

Secondary Market Infrastructure Fund

25.0

7.5

4.3

18.1

WS Atkins plc

Wythenshaw Hospital, University Hospital of South Manchester NHS Foundation Trust

1

Secondary Market Infrastructure Fund

25.0

7.8

5.7

36.6

John Laing plc

Metropolitan Police Specialist Training Centre Gravesend

4

Allianz PFI Holdings (Jersey) Ltd, subsidiary of Allianz AG

50.0

23.1

13.0

29.4

Cleveland & Durham Firearms Training Centre

South East London Police Stations

Greater Manchester Police Authority Police Stations

2006

PFI Infrastructure Company PLC

Aberdeenshire Schools PPP1

3

Infrastructure Investors

28.6

3.2

1.1 since July 2004

36.9

Chester-le-Street Hospital

Ingleby Barwick Community Campus, Stockton

Interserve plc

Littlemore Psychiatric Hospital, Oxford

1

Secondary Market Infrastructure Fund

33.3

1.6

1.3

53.0

Lend Lease Corporation & Bank of Scotland

Calderdale Royal Hospital

10

Lend Lease joint venture with Bank of Scotland (includes 1 project in Republic of Ireland)

50/50 equalisation of equity in projects

14.7 Lend Lease received (A$25m) from HBOS re higher equity share

11.5

74.9

Worcester Hospital

Hexham Hospital Phase 1 and 2

Burnley Hospital

Leeds Hospital;

Newcastle Grouped Schools 1

Lincolnshire Grouped Schools,

Lillian Baylis school

Treasury Accommodation 1

Treasury Accommodation 2

John Laing plc

Edinburgh Grouped Schools and

2

Secondary Market Infrastructure Fund

14.2

14.6

3.4

5.8

Glasgow Schools Project 2002

21.4

Balfour Beatty plc

Connect Roads - A50 Stoke-Derby

3

Infrastructure Investors

15.0

13.5

6.0

10.4

A30/A35 Exeter-Bere Regis

M77 Scotland

Skanska UK

HMP Parc Prison, Bridgend, Wales

1

Innisfree Ltd

9.0

3.8

2.7

23.4

Carillion plc

HM Altcourse Prison,

8

Secondary Market Infrastructure Fund and Infrastructure Investors

n/a

46.7

25.6

17.2

HMP Rye Hill Prison

Rainsbrook (Onley) Secure Training Centre

Medway Secure Training Centre

East Anglia Courts

Manchester Courts

33.3

Humberside Courts

Leeds Grouped Schools l

Skanska UK

Kings College Hospital, London

1

Infrastructure Investors

33.0

13.7

9.1

29.3

Serco Group plc

HMP Ashfield Prison

6

Infrastructure Investors (forms investment partnership, SERCO retained FM contracts)

59.0 (Serco retains 41% of JVC)

76.5

11.4

2.4

HMP Dovegate Prison

HMP Lowdham Grange Prison

Hassockfield Secure Training Centre,

Joint Services Command and Staff College,

National Traffic Control Centre

John Laing plc

Cleveland & Durham Firearms Training Centre

1

n/a

50.0

1.0

0.4

10.8

2007

Allianz PFI Holdings (Jersey) Ltd, subsidiary of Allianz AG

Metropolitan Police Specialist Training Centre, Gravesend

4

HICL Infrastructure

50.0

36.5

13.4

33.1

Cleveland & Durham Firearms Training Centre

South East London Police Stations

Greater Manchester Police Authority Police Stations

Kajima Partnerships

North Tyneside Grouped Schools,

6

HICL Infrastructure joint venture with Kajima

50.0

30.2

18.0

34.1

Ealing Grouped Schools Project 1

Darlington Education Village

Haverstock School, Camden, London

Wooldale Centre for Learning, Northants

Health & Safety Executive HQ, Merseyside

Alfred McAlpine plc

A1(M) Alconbury to Peterborough,

6

Infrastructure Investors

n/a

52.2

24.9

14.6

A417/419 Swindon to Gloucester

A1 Darrington to Dishforth

East Leake Schools

Addenbrookes Elective Care Centre

Three Shires Mental Health

Carillion plc

Great Western Hospital, Swindon

3

Land Securities Trillium

33.3

21.5

23.6

38.7

North Staffordshire Acute Psychiatric Unit (Harplands Hospital, Stoke-on-Trent)

Southern General Hospital Geriatric Medicine &

Assessment Facility, NHS Glasgow

Costain Group plc

Parc Prison, Bridgend, Wales

2

John Laing (Henderson Global Investors)

50.0

8.4

2.7

28.4

Costain Group plc

Sirhowy Enterprise Way, Wales

John Laing (Henderson Global Investors)

50.0

3.0

MJ Gleeson Group plc

Sheffield Schools Phase 2

2

n/a

30.0

4.0

1.9

28.2

Salisbury District Hospital Redevelopment

40.0

2008

Kier Group

Hairmyres Hospital, NHS Lanarkshire, East Kilbride, Scotland

1

Innisfree Ltd

50.0

13.8

8.0

13.9

Carillion plc

University Hospital Lewisham, , and

5

Innisfree Ltd, Land Securities Trillium, Barclays European Infrastructure Fund and Robertson Capital Projects

n/a

41.9

35.6

30.1

James Cook University hospital, Middlesbrough

Barnsley schools

Redcar & Cleveland schools

n/a

Carillion plc

Oxford John Radcliffe Hospital (The Hospital Company (Oxford John Radcliffe) Holdings Limited)

1

HICL Infrastructure Company

50.0

18.0

Costain Group plc

Ealing Group Schools 2 (Seafort Holdings Ltd)

2

Equitix Ltd and Infrastructure Investors

45.0

9.4

2.7

14.4

Kent Schools Partnership (Kent Education Partnership Ltd)

30.0

2009

Galliford Try plc

Portsmouth, Ministry of Defence housing project (148 units) (Tricomm Housing Portsmouth Ltd)

1

DIF Infrastructure Fund, Holland

50.0

5.2

4.2

122.8

Interserve plc

Sheffield Schools PPP (6 schools)

1

Innisfree Ltd

50.0

7.2

3.4

10.0

Carillion plc

Renfrewshire Schools: 10 primary & secondary - (RSP (Holdings) Limited)

1

HSBC Infrastructure Company

30.0

6.8

1.2

0.26

Carillion plc

Exeter Schools

1

Innisfree Ltd PFI Secondary Fund

50.0

7.0

Carillion plc

Allenby Connaught PPP project and

2

Innisfree Ltd PFI Secondary Fund

32.5

86.9

New Accommodation Project, Cheltenham

20.0

Galliford Try plc

Highland Schools 2 (Alpha Schools Highland (Holdings) Limited)

1

HICL Infrastructure Company

50.0

16.5

4.4

10.9

Parkwood Holdings plc

Bexley Leisure

5

Equitix Ltd

6.5

5.6

112.5

Penwith DC Recreation West Leisure

Sefton - Crosby Leisure Centre

50.0

Solihull Leisure Options Project

Breckland Making Connections Leisure Project

100.0

Interserve plc

Dudley NHS Trust

13

Interserve plc Pension Scheme

Various

61.5

33.2

16.4

St Genevieve's School Belfast

Southampton Schools

Hattersley (Tameside) Schools,

Tyrone-Omagh College

Tyrone-Dungannon College

Cornwall Grouped Schools ll

Telford & Wrekin Schools

Defence Sixth Form College

Armada-Devonport Fleet Accommodation Centre

Cornwall Fire Stations

Portsmouth Social Services

Health & Safety Laboratories, Buxton

John Laing

M6, Scotland

1

Innisfree Ltd

8.5

4.8

-15.3 (Laing accts fair value 109.1 - sale price of 96.0 and 15.3 loss

-1.7

John Laing

Edinburgh Schools PPP1 and

2

John Laing Pension Fund

10.0

5.9

Glasgow Schools Project 2002

John Laing

Cleveland & Durham Firearms Training Centre

3

HICL Infrastructure Company

22.9

8.0

Metropolitan Police Training Centre

22.9

Greater Manchester Police projects

22.9

77.3

John Laing

Norfolk & Norwich Hospital

1

50.0

John Laing

Queen Elizabeth Hospital Greenwich, London

1

Innisfree Ltd

22.5

John Laing

South Lanarkshire Schools

3

Innisfree Ltd

18.3,

East Dunbartonshire Schools

33.3

Ministry of Defence Main Building

24.0

John Laing

Barts & London NHS Trust, Redevelopment of Royal Hospital of St Barthomolomew and the Royal London Hospital

1

Innisfree Ltd

12.5

Kier Group plc

Waltham Forest Schools, London

2

Innisfree Ltd PFI Secondary Fund

50.0

7.3

4.2

19.7

Essex County Council, Tendring Schools

Costain Group plc

Shropshire County Council - Quality in Community Services Project

2

Equitix Ltd

50.0

5.1

2.0

12.1

Westview and Victoria House Integrated Care Centres, Kent County Council

2010

Balfour Beatty plc

Edinburgh Royal Infirmary

2

Barclays Integrated Infrastructure Fund. Waste project to Kelda Water Services

23.9

24.3

21.0

59.5

Aberdeen Waste Water PPP

50.0

Kajima Partnerships

Newcastle City Library (Kajima Newcastle Library Holdings Limited)

1

HICL Infrastructure Company

50.0 (retains 50%)

2.8

1.1

22.9

50.0

Carillion plc

Queen Alexandra Hospital, Portsmouth Hospitals NHS Trust

1

HICL Infrastructure Company

50.0

31.3

16.3

24.1

Shanks Group plc

East London Waste Authority (ELWA)

2

John Laing (Henderson Global Investors)

80.0

24.6

3.7

2.6

Dumfries & Galloway Waste PFI

Costain Group plc

Kingston Hospital NHS Trust,

6

Costain Pension Scheme

40.0

22.0

11.2

27.3

Derbyshire Mental Health

50.0

Leicester Adult Learning Disability Centre

50.0

South Holland Community Hospital

50.0

2 Schools and Buttershaw Business & Enterprise College Bradford

29.0

Lewisham Schools (Catford and Sedgehill)

40.0

John Laing (Henderson Global Investors)

Brockley Social Housing, Lewisham

16 (UK)

John Laing Infrastructure Fund -John Laing plc acquires 23.1% interest

100.0

258.9 (include 3 over-seas assets)

135.2 (incl 3 over-seas asset)

13.9

Greater Manchester Police Stations

27.1

Met Police Training Centre Gravesend

27.1

Glasgow Schools

10.0

South Lanarkshire Schools

15.0

Manchester Street Lighting

50.0

Wakefield Street Lighting

50.0

Walsall Street Lighting

100.0

M40 Denham to Warwick

50.0

Sirhowy Way Road, Wales

100.0

Newham Hospital

50.0

Queen Elizabeth Hospital Greenwich

15.0

Kingston Hospital

60.0

MoD Main Building

26.0

Avon & Somerset Courts

40.0

Canning Town Social Housing

100.0

Carillion

Allenby Connaught PPP (Aspire Defence Holdings Ltd)

1

Innisfree

5.0

14.5

0.5

0.8

2011

Kier Group plc

Norwich Area Schools

2

Joint venture between HICL Infrastructure (75%) and Kajima Partnerships (25%)

75.0

3.8

4.3

14.4

Oldham Secondary Schools

75.0

5.4

Kier Group plc

Sheffield Schools Phase 3 (Academy Services (Sheffield) Holdings Ltd

1

Kier Group Pension Scheme

50.0

4.5

2.1

14.2

Balfour Beatty plc

Connect Roads Ltd joint venture which has 100% of Connect A50 Ltd

1

John Laing (Henderson Global Investors)

60.0

16.0

14.0

46.4

Carillion plc

South Ayrshire Schools

2

HICL Infrastructure Company and Equitix Ltd respectively

48.0

14.8

6.1

16.2

Three Shires Hospitals (Derbyshire, Leicester and Lincolnshire)

50.0

Cyril Sweett Group

South Ayrshire Schools

1

HICL Infrastructure Company

5.0

0.8

0.45

27.5

MJ Gleeson Group plc

Social housing PFI projects: AdvantAge (Cheshire) Holdings Ltd.

3

n/a

33.0

7.5

0.34

0.9

Chrysalis (Stanhope) Holdings Ltd, Ashford, Kent,

33.0

Grove Village Holdings Ltd -Manchester

49.0

Balfour Beatty plc

Royal Blackburn Hospital (Consort Healthcare Blackburn (Holdings) Ltd)

1

HICL Infrastructure Company

50.0

12.0

6.0

12.0

John Laing

North Swindon Schools

1

John Laing Infrastructure Fund

100.0

10.6

19.1 (47.4 based on origin. cost)

2.6

John Laing

Newham Schools, London

2

John Laing Infrastructure Fund

80.0

6.1

Enfield Schools, London

John Laing

North East Fire & Rescue

1

John Laing Infrastructure Fund

80.1

4.7

John Laing

M6 motorway in Scotland

2

John Laing Infrastructure Fund

11.0

48.6

London Underground Connect (CityLink)

29.5

John Laing and John Laing Pension Trust Ltd

Edinburgh Schools 1

2

John Laing Infrastructure Fund

20.0

18.2

John Laing

Highland School, Enfield, London

100.0

John Laing

Cleveland Police Headquarters

1

John Laing Infrastructure Fund

42.5

0.9

John Laing

Bentilee Community Centre, Stoke-on-Trent

2

John Laing Infrastructure Fund

100.0

9.0

Queen Elizabeth Hospital Greenwich.

12.5

Skanska Infrastructure

Midlothian Primary Schools - PPP2 Project

1

Barclays Integrated Infrastructure Fund

50.0

3.0

1.4

16.1

Kier Group plc

West Berkshire Hospital, Newbury

1

Innisfree

50.0

5.0

6.8

61.0

Kier Group plc

Hinchingbrooke Hospital

1

Kier Group Pension Scheme

50.0

3.1

Carillion plc

A249 Stockbury to Sheerness, Kent

1

Barclays European Infrastructure

50.0

10.6

5.4

14.4

2012

Costain Group plc

Bradford BSF Schools (Integrated Bradford Holdco Two Ltd)

2

Costain Pension Scheme

29.0

20.3

10.2

39.8

Lewisham BSF (Lewisham Schools For the Future Holdings 2 Ltd)

40.0

Interserve plc

University College London Hospital

1

CFIG Unicorn Holdings managed by Credit Suisse's Customised Fund Investment Group

16.7

35.0

30.0

50.3

Total

226

Source: European Services Strategy Unit PPP Equity Database