International Public Partnerships is investing c£8m and HICL Infrastructure is investing £7.2m to take equity stakes (45% in HICL’s case) in a £103m project -the Priority Schools Building Programme (“PSBP”) North East Batch Project.
The national PSBP has been set up to address the needs of the schools most in need of urgent repair and will build or rebuild 260 schools. The North East Batch will comprise six new-build secondary schools and six new-build primary schools. The construction work for this batch will be undertaken by Galliford Try who will also maintain the fabric of the buildings and some furniture under 25-year concession contract.
This is the first deal done under the new PF2 (Private Finance – model 2) framework. The picture shows Francis Askew Primary School in Hull which is part of the North East Batch.
HICL and INPP invest in schools