The Education Funding Agency has selected a Morgan Sindall Investments and Equitix joint venture for the third privately financed batch of Priority School Building Programme schools, worth up to £120m.
Morgan Sindall and Equitix beat Laing O’Rourke and Vinci Construction to the batch of 12 schools in the North-west of England.
The batch comprises seven primary schools and five secondary schools, and has a capital value of £80m to £120m.
Morgan Sindall will be responsible for the design and construction of the schools as well as the provision of maintenance and lifecycle services over a 25-year period.
Under private finance 2, Morgan Sindall and Equitix will put in around 8 per cent equity and the public purse will contribute 2 per cent equity, while the remaining 90 per cent will be privately financed.
Earlier this month, the Amber Consortium, including Lloyds Banking Group and Berwin Leighton Paisner, was appointed as preferred bidder to raise £700m of private finance for all five batches of privately financed priority schools.
Infrastructure fund International Public Partnerships will provide 10 per cent of the £700m in the form of equity and mezzanine funding, with the remaining senior debt financing provided by the European Investment Bank and clients of Aviva Investors.
Morgan Sindall and the EFA will now engage in a seven-month detailed design stage, with financial close expected in March 2015.
Construction on the 12 schools in the batch will start from March 2015.
The construction programme will provide new, purpose-built buildings for the benefit of 8,150 pupils, as well as creating 124 nursery places.
Interserve and Kajima were awarded the first batch of privately financed schools worth up to £150m in Hertfordshire, Luton and Reading in March.
Miller Construction was appointed preferred bidder for the £120m North-east PF2 schools. The contract is now part of Galliford Try’s order book after its £16.75m takeover of Miller Construction.
North West PF2 batch
- Blacon High School, Blacon
- The Deanery Church of England High School and Sixth Form College, Wigan
- Neston High School, Neston
- Ridgeway High School, Prenton
- South Shore Academy, Blackpool
- Bedford Drive Primary School, Birkenhead
- Bridge Hall Primary School, Stockport
- Dee Point Primary School, Blacon
- Halebank Primary School, Halebank, Halton
- Hawes Side Primary School, Blackpool
- JH Godwin Primary School, Blacon
- Plymouth Grove Primary School, Manchester