HICL Infrastructure has announced the acquisition of three stakes in BSF (Building Schools for the Future) projects – the predecessors of the PF2 type deals announced yesterday.
The stakes it’s buying are a n40% interest in the Salford & Wigan Phase 1 BSF([1]) Project, a 40% interest in the Salford & Wigan Phase 2 BSF Project and a 68% interest in the Newham Schools BSF Project. The seller is Laing O’Rourke.
The cost of the deal is £26.4m which they have available following the sale of Colchester Garrison.
The Salford projects cover the building, maintenance and operation of five secondary schools in Salford, Greater Manchester. Hard and soft facilities maintenance (“FM”) services, including catering, are undertaken by SPIE Facility Services Limited, a subsidiary of SPIE SA Group.
The Newham deal is a 27-year PFI concession to design, build, finance, maintain and operate two new secondary schools in Newham, London on behalf of the London Borough of Newham Council. The project was signed in 2009 and has been fully operational since 2010, with construction carried out by Laing O’Rourke Construction. The provision of hard and soft FM services, including catering, is undertaken by Mitie PFI Limited, a subsidiary of Mitie Group Plc.