BBGI has signed a Sale and Purchase Agreement with John Graham Holdings Limited to acquire 100% of the equity and subordinated debt interests in two educational PPP projects in Northern Ireland.
Belfast Metropolitan College is an educational campus comprising two five-storey teaching facilities and a two-storey engineering facility with associated car parking and a landscaped courtyard.
North West Regional College is a four-storey teaching facility located in Londonderry providing state of the art information, communications and education technology for 1,100 students in the fields of business, computing, tourism and hospitality.
Both projects are operational. The concessions run until August 2027 and January 2026 respectively. BBGI will receive availability payments during the concession periods from the governing bodies of each of Belfast Metropolitan College and North West Regional College.
The acquisition price of approximately £11.7m will be funded from the Company’s existing cash resources and drawings from the credit facility. Completion of each transaction is subject to obtaining necessary consents under the projects documents.
BBGI buys two schools projects