International Public Partnerships (INPP ) has sold part of its stake in a portfolio of family housing for US service personnel, generating £30m to put towards share buybacks and further investments.

The debt-free core infrastructure fund sold some of the mezzanine debt investments in seven operational projects, comprising 21,8000 housing units, at net asset value, retaining investments worth £73m, it said.

Chair Mike Gerrard reported that the company had now realised 10% of the £2.6bn portfolio of digital, social and energy transmission assets in the UK and North America.

‘All realisation activity has been in line with, or slightly above, the most recently published valuations,’ he said.

Some of the proceeds will be used for the increased £60m share buyback programme that will go on until March. The board has spent £22.5m so far as the shares continue to trade 15% below their asset value.

The 6.6%-yielding fund also has investment commitments totalling £35m, including the Gold Coast Light Rail and German rail leasing company Benex, which it expects to invest by New Year.

The shares rose 1% to 126.8p. Managed by Giles Frost at Amber Infrastructure, the fund has, like the rest of the sector, been weighed down by rising interest rates and has not yet rallied as these have started to come down. According to Deutsche Numis data, over 10 years the shares have generated a 50% total return, half the 99.6% portfolio return.