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Carillion closes on £175m BSF deal

A Carillion-led joint venture has reached financial close on a £175 million Building Schools for the Future programme in South Tyneside and Gateshead.

The Local Education Partnership will build 14 secondary schools in three phases over four years, starting in January 2008, with all schools finished by January 2012.

Carillion will also provide a £16 million facilities management programme over 25 years.

The LEP will also provide further new schools for South Tyneside and Gateshead in later sections of the BSF programme and may be involved in other community regeneration projects.

The scheme is Carillion’s first Schools for the Future project to achieve financial close.