The second phase of the Barnsley Building Schools for the Future project has reached financial close. This phase involves the construction of a new Advanced Learning Centre (ALC) to combine and replace existing secondary schools at Priory and Willowgarth and a new build for Springwell Special School as well as a partial re-build and refurbishment for Greenacre Special School.
£217 million will be spent transforming these three educational facilities as part of the £1billion investment by Barnsley Council, Building Schools for the Future Investments (BSFI), and Barnsley Partnership for Learning (BP4L), a joint venture between construction company Laing O’Rourke and specialist investor and operator John Laing. Barnsley Local Education Partnership (LEP) will manage the delivery of the programme along with the five ALCs currently underway, and a further three being developed in the third phase.
Construction on phase two commences in April 2010 and is expected to be completed by December 2011. The nine new ALCs and two Special Schools developed will provide state-of-the-art educational facilities for learners across the borough.
The £45 million of senior debt financing is provided by Nationwide Building Society and Nord/LB Bank. An additional £10 million capital contribution bridge facility and £5 million equity bridging facility will cover the construction period.
Operis was engaged to provide financial model auditing services and a full tax and accounting review on behalf of the funders and sponsors.