Isle of Man-based investment company, PFI Infrastructure, has agreed to buy a 49% stake of German construction company Hochtief AG’s schools unit for US $18.4 million (£9.2 million).
The Hochtief unit holds stakes in six school-construction projects in the UK and Ireland, all of them private finance initiatives.
“We are pleased to have been chosen to be the long-term financial investment partner to Hochtief for the development of its education PPP business and see great potential for future business together,” said Jo Elliot, CEO of Quayle Munro, which manages PFI Infrastructure, in a statement.
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