Balfour Beatty Capital and Islington Council reached financial close on 25th November 2010 for Islington BSF Phase 2.

This phase of the project involves two schools in London, the Elizabeth Garrett Anderson School and the Islington Arts and Media School. Most of the Elizabeth Garrett Anderson site will be demolished and rebuilt, with the remainder being refurbished while work done on the Islington Arts and Media School, which will be a combination of new building, remodelling and refurbishing. Construction is expected to end in 2012, with operations continuing until the end of 2037.

The project is financed by debt of £27 million, provided by Sumitomo Mitsui Banking Corporation and Banco Bilbao Vizcaya Argentaria S.A. in equal proportions.

Operis provided financial model due diligence services as well as tax and accounting review for the funders and the sponsors.

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