International Public Partnerships writes down value of toob investment
International Public Partnerships Ltd on Monday said it will not be committing further capital to portfolio holding toob Ltd, a fibre-to-the-premises network operator.
The London-based global infrastructure investor said it will transfer its equity interest in toob, which has a carrying value on INPP books of £24.1 million, or 0.9% of its net asset value, to debt holders for a minimal amount.
On completion, INPP's remaining exposure in toob will be £2.6 million, being an investment ranking with senior debt funding.
As per the agreement with the debt holders, INPP will retain an entitlement to share in any future value realised upon a sale of toob, which operates across Southampton and parts of South England, covering 300,000 premises with over 140,000 customers.
INPP said its NAV per share guidance is unchanged, and is expected to be broadly in line or marginally higher as of June 30 when compared to the 151.5 pence reported at the end of 2025.
INPP previously had highlighted structural headwinds facing the UK's altnet market and the potential harm to toob's business.
The performance of INPP's other digital infrastructure investment, Community Fibre, which represented 1.0% of NAV as at December 31, continues to be in line with expectations, it said.
Shares in IPP were down 0.4% at 139.04p each in London on Monday.
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