HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, is pleased to announce a new investment of £7.2m, being a 45% interest in the Priority Schools Building Programme (“PSBP”) North East Batch Project (the “Project”).
The Project, which has a capital value of £103m, reached Financial Close on 10 March 2015 and, once constructed, will comprise six new-build secondary schools and six new-build primary schools.
The Project is part of the wider PSBP, a centrally managed programme set up to address the needs of the schools most in need of urgent repair. Through the programme, 260 schools will be rebuilt or have their condition needs met by the Education Funding Agency (EFA).
PSBP Private Finance is procuring the design, build, finance and operation of 46 new schools in 5 geographic areas (‘batches’) across England. Each privately financed batch will be procured under the Private Finance – model 2 (PF2) framework, and the Project is the first privately funded project to close under this new model.
The construction works will be undertaken by a subsidiary of Galliford Try Plc over a period of 18 months from financial close, and will comprise the demolition of redundant buildings and the construction of the new schools.
Hard FM services will be provided by a subsidiary of Galliford Try Plc over a 25-year period under a concession contract, as well as lifecycle replacement for the buildings’ fabric and services and certain furniture, fittings and equipment.