A Carillion joint venture – PSBP Midlands – has achieved financial close on the Midlands Priority School Building Programme, a 25-year private finance concession contract (a public-private partnership) using the government’s PF2 model.
The Midlands Priority School Building Programme aims to improve education facilities and outcomes for the students and staff in the eight schools listed below by replacing existing substandard buildings.
The new schools will be constructed over a two-year period to high standards of sustainability and provide facilities to support teaching and learning in addition to providing new facilities for the local community.
Carillion expects to invest some £5.5 million of equity in the project and Carillion will also build the schools at a capital cost of £138 million. It will also deliver hard facilities management and life-cycle maintenance services that are expected to generate about £49 million of revenue over the life of the concession contract.
Carillion will use this project as an opportunity to provide training and apprenticeship opportunities as well maximising the use of local suppliers.
Richard Howson, chief executive of Carillion, said: “This latest project has been an excellent example of collaboration between the public and private sectors and we look forward to working with the Education Funding Agency to deliver state-of-the-art facilities to support its objectives for creating outstanding learning environments for students”.
Schools in the Midlands Priority Programme:
- Alfreton Grange Arts College, Derbyshire
- ARK Kings Academy, Birmingham
- Greenwood Academy, Birmingham
- Plantsbrook School, Birmingham
- President Kennedy School, Coventry
- The Phoenix Collegiate, Sandwell
- The Queen Elizabeth Academy, Warwickshire
- Top Valley Academy, Nottingham
– See more at: http://www.fm-world.co.uk/news/business-news/carillion-partners-up-for-schools-renewal-deal/#sthash.9c5EuUO5.dpuf
