11th Mar 2015 08:00
LONDON (Alliance News) - International Public Partnerships Ltd on Wednesday said a consortium of which it is a part has reached financial close on the first batch of schools being delivered under the UK government's Priority Schools Building Programme.
The PFI investment company said the first tranche of funding will back the development if six primary and six secondary schools on existing sites in the North East of England. The total capital expenditure on the schools is GBP113 million, with the Amber Consortium to provide GBP102 million, GBP8 million of which will come from International Public Partnerships.
The consortium also comprises Aviva Investors, the investment management arm of FTSE 100-listed insurer Aviva PLC, along with senior debt financing provided by the European Investment Bank.
Galliford Try also said Wednesday it has reached financial close on the North East batch of the Priority Schools Building Programme. The GBP160 million contract, agreed with the Education Funding Agency, will see Galliford handle the construction of the schools being built in the region under the programme, along with the ongoing maintenance of the schools for 25 years.
By Sam Unsted; [email protected]; @SamUAtAlliance
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