Kier has bought Telereal Trillium’s investment in Kent’s £1.8 billion Building Schools for the Future contract for £4.2 million.
The contractor has taken on Trillium’s 64 per cent stake in the Kent Local Education Partnership, which includes a 71.8 per cent interest in the PFI projects.
Kier is already principal construction supply chain partner on the LEP, and is on site on the first phase of the schools. It will now assume the role of manager of the LEP, as well as co-owner.
Kier group chief executive John Dodds said: “We are delighted with this acquisition as it clearly demonstrates not only Kier’s commitment to providing a broad range of construction and support services to the education sector, but also the unique capabilities of our group to invest in the long term development of the schools’ infrastructure.
“We look forward to expanding our already close working relationship with Kent County Council, our other co-owners, the schools involved and our full range of supply chain partners in the region.”
The Kent LEP was established in 2008 to deliver BSF investment to 34 secondary schools in Kent through three phases of construction.
Of the purchase price of £4.2 million, £2 million is conditional upon the funding being approved for the second phase of schools.