House of Commons - Public Accounts Committee

Lessons from PFI and other projects - Public Accounts Committee Contents

Supplementary written evidence from Infrastructure UK, HM Treasury

At the PAC hearing Lessons from PFI and other projects the Committee asked HM Treasury for a note on who owns the PFI contracts that have been sold in the secondary market.

RESPONSE FROM HM TREASURY

The attached table sets out information extracted from the PFI database published on the Treasury website. This database is compiled twice a year from information provided by departments and local authorities. On the basis of this information, the table shows the current ownership of the 81 projects for which the equity of one or more of the primary investors has been sold to secondary investors.

We are not aware of any North Korean or Iranian companies amongst the current equity owners of these projects.

The standardised PFI contract requires the private sector contractor to notify the public sector authority of changes of ownership, and gives the authority a right to restrict equity transfers when entering into the contract where there are particular change of ownership risks (for example to restrict equity transfers before completion of construction of the asset, or where there may be a national security or other interest in restricting ownership transfer to unsuitable parties).

HMT
PFI
Project
ID Project
Name Department Constituency Equity
Holder
1:
Name Equity
Holder
1:
Equity
Share
(%) Equity
Holder
1:
Change
of
Ownership
since
August
2009?
(Yes/No) Equity
Holder
2:
Name Equity
Holder
2:
Equity
Share
(%) Equity
Holder 2:
Change
of
Ownership
since
August
2009?
(Yes/No) Equity
Holder
3:
Name Equity
Holder
3:
Equity
Share
(%) Equity
Holder
3:
Change
of
Ownership
since
August
2009?
(Yes/No) Equity
Holder
4:
Name Equity
Holder
4:
Equity
Share
(%) Equity
Holder
4:
Change
of
Ownership
since
August
2009?
(Yes/No)

11 PPP 2 Department for Education More than one—Birmingham, Yardley; Birmingham, Selly Oak; Birmingham, Hall Green; Sutton Coldfield; Innisfree 50% No Balfour Beatty Capital 50% Yes

15 Brighton & Hove—Four Schools Department for Education More than one—Brighton, Kemptown; Brighton, Pavilion. Semperian PPP Investment Partners GP 100% Yes

24 Darlington Five Schools Project Department for Education Darlington Kajima Partnership Limited 50% Yes HSBC Infrastructure Limited 50% No

26 Grouped Schools Department for Education More than one—North East Derbyshire; High Peak; Axa IM 100% Yes

30 The Sir John Colfox School Department for Education West Dorset Johnson Workplace Management Group 100% Yes

33 Bridlington Schools Department for Education Department for Education Semperian PPP Investment Partners GP 100% Yes

39 Special Schools PFI Department for Education Harrow East DIF Infrastructure II UK Limited 100% Yes

42 BSF wave 3 Department for Education Gravesham Keir 80% Yes Kent County Council 10% No Building Schools for the Future Investments Limited 10% No

46 Special Schools PPP Department for Education Department for Education QED(KMC)Ltd the SPV is 100% owned by QED(KMC)Holdings Ltd.The equity in this company is held 86% by Grosvenor House Group PLC and 14% by Kirklees Council.Grosvenor House Group acquired the 86% stake in QED(KMC)Holdings Ltd from Wates PFI Investments(QED)Ltd in December 2010. 100% Yes

53 Cardinal Heenan High School Department for Education Leeds North East Johnson Workplace Management Group 100% Yes

58 Lincolnshire Schools Grouped PFI Scheme Department for Education More than one—Sleaford and North Hykeham; Grantham and Stamford; Louth and Horncastle; Lincoln; Lend Lease UK Infrastructure fund LP 50% Yes Halifax Bank of Scotland 50% Yes

61 Bexley Three Schools Project Department for Education More than one—Bexleyheath and Crayford; Old Bexley and Sidcup IIC Projects Limited 100% Yes

62 Jews Free School Department for Education Brent North Semperian PPP Investment Partners GP 100% Yes

69 Barnhill School Department for Education Hayes and Harlington Johnson Workplace Management Group 100% Yes

117 Two schools Department for Education Stafford Semperian PPP Investment Partners GP 50% No Pell Frischmann Ltd 50% Yes

127 Three North Wiltshire Secondary Schools Department for Education North Wiltshire G4S plc 51% No Semperian PPP Investment Partners GP 49% Yes

136 Stretford Divisional Headquarters and Fire Station Department for Communities and Local Government Altrincham & Sale West BC. Ashton-under-Lyne BC. Blackley & Broughton BC. Bolton North East BC. Bolton South East BC. Bolton West CC. Bury North BC. Bury South BC. Cheadle BC. Denton & Reddish BC. Hazel Grove CC. Heywood & Middleton CC. Leigh CC. Makerfield CC. Manchester, Central BC. Manchester, Gorton BC. Manchester, Withington BC. Oldham East & Saddleworth CC. Oldham West & Royton CC. Rochdale CC. Salford & Eccles BC. Stalybridge & Hyde CC. Stockport BC. Worsley & Eccles South CC. Wythenshawe & Sale East BC. Carden Croft 100% No

151 Divisional HQ and two fire stations Department for Communities and Local Government Blackburn BC. Blackpool North & Cleveleys BC. Blackpool South BC. Burnley BC. Chorley CC. Fylde CC. Hyndburn BC. Lancaster & Fleetwood CC. Morecambe & Lunesdale CC. Pendle BC. Preston BC. Ribble Valley CC. Rossendale & Darwen BC. South Ribble CC. West Lancashire CC. Wyre & Preston North CC. Carden Croft & Co Ltd 100% Yes

159 Reading North Whitley Department for Communities and Local Government Reading East, Reading West Southern Housing 50% Yes Windsor Housing 50% Yes

164 NewhamCanning Town Department for Communities and Local Government Poplar and Canning Town John Laing Infrastructure Fund 100% Yes

193 Amber Valley Quest for Leisure Department for Culture, Media and Sport More than one DC Leisure Developments Ltd Yes Leisure Infrastructure Investors Limited 100%

194 New Central Library and community library ICT system Department for Culture, Media and Sport Bournemouth West Kier Project Investment 50% No Semperian 50% Yes

197 New Leaf Leisure Centres Project Department for Culture, Media and Sport More than one Environments for Learning Leeds HoldCo Three Limited 90% Yes Interserve Facilities Management Limited 10% No

202 Recreation West Department for Culture, Media and Sport St Ives Parkwood Project Management Ltd 50% Yes Equitix Leisure Ltd 50%

203 Sport & Leisure Facilities & Maltby Joint Service Centre Project Department for Culture, Media and Sport More than one Leisure Infrastructure Investors Limited 100% Yes

210 Integrated Waste Management: Put Waste in its Place Department for Environment, Food and Rural Affairs More than one Shanks Waste Management Ltd 20% Yes John Laing 80% Yes

217 Waste Management Project Department for Environment, Food and Rural Affairs More than one Donarbon Services Ltd 100% Yes

219 Lancashire Waste Partnership PFI proposal Department for Environment, Food and Rural Affairs More than one Global Rewables UK Ltd/AMEC 50% No Catalyst Lend Lease Holdings 50% Yes

231 Carlisle Northern Development Route Department for Transport More than one—Carlisle, Penrith & The Borders, Workington. Balfour Beatty Infrastructure Investments Ltd 82% Yes Reliance 18% Yes

270 DLR City Extension Department for Transport More than one—Poplar & Canning Town Semperian PPP Holdings Ltd 50% Yes Royal Bank of Scotland 50% No

272 DLR Woolwich Extension Department for Transport More than one—Greenwich & Woolwich, Poplar & Canning Town Semperian PPP Holdings Ltd 50% Yes Royal Bank of Scotland 50% No

283 Reprovision of mental health services Department of Health More than one Trillium PP Investment Partners LP 100% No Japan England Insurance Brokers Ltd (15K A Shares) 8% Yes BDP Holdings Ltd (15k A shares) 8% No Stavely Industries PLC (15k A shares) 8% No

284 Oldchurch hospital in Romford Department of Health Romford Infrastructure Investors Ltd 50% Yes Uberior Infrastructure Investors Ltd 25% No Sodexo Investment Services Ltd 25% No

293 Stoke Mandeville Department of Health Aylesbury HSBC Infrastructure Company Ltd 90% No Sodexho Investment Services 10% Yes

328 Newham General Hospital Department of Health West Ham John Laing Investments Fund Limited Partnership 50% Yes Newham Investment Company Limited 50% No

329 New District General Hospital Department of Health Hereford Semperian Asset Management 75% No Land Securities Group PLC 6% Yes from SMIF to LS—no change to share

342 Orthopaedics/medicine redevelopment Department of Health Oxford East Barclays European Infrastructure Ltd 50% No Semperian Asset Management 50% Yes

344 John Radcliffe Hospital Department of Health Oxford East Infrastructure Investments General Partner Ltd 50% No Infrastructure Investments (Portsmouth) Ltd 40% Yes Royal Banck Projects Investment Ltd 10% Yes

358 Prncess Royal Hospital (Bromley) Department of Health Orpington Innisfree 50% Yes Semperian Asset Management 50%

379 Redevelopment of Manor Hospital site Department of Health Walsall Innisfree Limited 50% No Semperian Asset Management 50% Yes

386 GCHQ New Accomodation GCHQ Cheltenham Carillion Private Finance Ltd 20% Yes GSL Joint Ventures Ltd 40% No BT Holdings Ltd 20% No Innisfree 20% Yes

387 Newcastle Estate Development HM Revenue and Customs More than one Semperian 80% yes Interserve Facilities Management 20% No

395 GOGGS West HM Treasury Cities of London & Westminster Catalyst Investment Holdings Ltd. 50% Yes Barclays Private Equity 50% Yes

396 Centralised Custody Suites Home Office Police Authority covers multiple constituencies Infrastructure Investments LLP 90% Yes RSTM 10%

399 Firearms Facility Home Office Police Authority covers multiple constituencies John Laing Social Infrastructure Ltd 27% Yes HSBC Infrastructure Company Ltd 73% Yes

408 Tstrad Mynach Police Station Home Office Police Authority covers multiple constituencies David McClean (Holdings) Ltd 100% Yes

414 HQ, Operations & Communications Centre Home Office Police Authority covers multiple constituencies Amber Infrastructure Ltd 100% Yes

421 Allenby/Connaught Ministry of Defence More than one—Devizes, Salisbury, Aldershot, Westbury & North West Hampshire HSBC 5% No Carillion 18% Yes KBR 45% No Innisfree 33% Yes

422 Army Foundation College (AFC) Ministry of Defence Harrogate & Knaresborough Halifax/Bank of Scotland 49% No Semperian PPP Investment Partners LP 51% Yes

423 ASTUTE Class Training Service (ACTS) Ministry of Defence Argyll & Bute BAE Insyte 48% No L3 MAPPS 48% No Babcock 5% Yes

436 Provision of Marine Services (PMS) Ministry of Defence More than one—Portsmouth South, Carmarthen West and South Pembrokeshire, Ross, Skye and Lochaber, Inverclyde, Argyll and Bute, Plymouth Devonport. Barclays Integrated Infrastructure Fund 100% Yes

440 Heavy Equipment Transporters (HET) Ministry of Defence More than one—Richmond (Yorks) and Salisbury. Kellog Brown and Root Ltd 50% No BIIF Bidco Ltd 50% Yes

441 Joint Services Command and Staff College Ministry of Defence North Swindon Barclays Private Equity 100% Yes

448 MOD-wide Water and Waste Water Project (Aquatrine)—Package A Ministry of Defence More than one Kelda Water Services Ltd 100% Yes

451 Naval Communications Ministry of Defence More than one BABCOCK 20% Yes Infrastructure Investors General Partner LLP 80% No

453 NRTA Fire Fighting Training Units (FFTU) Ministry of Defence Portsmouth South, Argyll and Bute, Plymouth Devonport Babcock 100% Yes

464 Tidworth Water & Sewerage Ministry of Defence Devizes Veolia Water Projects Ltd 100% Yes

467 Tri Service White Fleet Ministry of Defence More than one Babcock International Group 100% Yes

468 UKMFTS—Advanced Jet Trainer Ground Based Training Service (GBTE) Ministry of Defence Ynys Môn Babcock 50% Yes Lockheed Martin 50% No

473 National Probate Records Centre Ministry of Justice More than one Iron Mountain 100% Yes

475 Derbyshire Magistrates' Courts Ministry of Justice More than one—South Derby; and
Chesterfield. International Public Partnerships 100% yes

508 Roads Service DBFO—Package 1 Northern Ireland Executive More than one—South Antrim/Belfast North/Belfast West/Belfast South/Lagan Valley Bilfinger Berger Projects Investments S.C.A. SICAR 75% No Graham Investment Projects Ltd 15% Yes Northstone NI Ltd 10% No

536 Angus Schools Scottish Government Angus Elgin Infrastructure Ltd 100% Yes

539 Edinburgh Schools PPP1 Scottish Government More than one JLIF (GP) Limited 20% No PFI Infrastructure Finance Limited 17% No Semperian PPP Investment Partners NO. 2 Limited 33% Yes BoS Infrastructure (No. 3) Limited 30% Yes

542 Dumfries & Galloway Waste Scottish Government More than one Shanks 100% Yes

543 Dumfries & Galloway Schools Scottish Government More than one Amey Ventures Ltd 43% No Cyril Sweett (Holdings) Ltd 15% No Dutch Infrastructure Fund 43% Yes

560 Midlothian Schools PPP1 Scottish Government Midlothian Dutch Infrastructure Fund 50% No DIF Infrastructure II Cooperatief U.A. 50% Yes

563 Crosshouse Maternity Scottish Government Kilmarnock & Loudoun Dawn Construction 33% Yes McKenzie 25% No FES Ltd 10% No Allied Irish 33% No

568 Acute Hospital, Larbert Scottish Government More than one John Laing Social Infrastructure Ltd9was Equion ltd) 50% Yes Commonwealth Bank of Australia 50% No

583 Findlay House Scottish Government Edinburgh East Robertson Group 50% Yes 3I Infrastructure 50% Yes

584 Midlothian Community Hospital Scottish Government Midlothian Robertson Group 50% Yes 3I Infrastructure 50% Yes

588 Carseview Centre Scottish Government More than one Johnson Workplace Management Ltd 100% Yes

593 Perth & Kinross Schools Scottish Government More than one ABN Amro Infrastructure Capital Management Limited 100% Yes

599 Addiewell Prison Scottish Government Livingston Interserve PFI 2005 Ltd 33% No Royal Bank Project Investments Ltd 33% No Sodexo Investment Services Ltd 33% Yes

601 Aberdeen Scottish Government More than one Kelda Water Services Limited 100% Yes

605 Highland Scottish Government More than one Veolia Water UK PLC 50% Yes Barclays Private Equity 50% No

607 Moray Scottish Government More than one Veolia Water UK PLC 33% Yes Barclays Private Equity 67% No

608 Tay Scottish Government More than one Veolia Water UK PLC 33% Yes Barclays Private Equity 33% No Henderson Private Capital 33% No

611 South Lanarkshire Schools Scottish Government More than one Semperian 43% Yes Innisfree 43% Yes John Laing 15% Yes

612 Balfron Schools Scottish Government Stirling SGP Ltd 100% Yes

640 Garth Olwg Lifelong Learning Centre Welsh Assembly Pontypridd Barclays Bank PLC 100% Yes

Note: Projects 136, 408, 448 and 601 have been updated since the last collection exercise and therefore differ from that published online.

HM Treasury has sought verification from the relevant authorities for the equity data for projects 283 and 329 which appears incomplete, but had not received this at the time of submitting this response to the PAC



© Parliamentary copyright 2011	Prepared 1 September 2011