The third phase of the Barnsley Building Schools for the Future project reached financial close on 29 October 2010. This phase involves the construction of three new Advanced Learning Centres (ALCs). One will replace Wombwell High School and Foulstone School of Creative Arts, another will replace Kingston School and Holgate School Sports College and the third ALC will merge St Michael’s High School, St Dominic’s Catholic and Holy Cross Deanery CE primary schools.
£126 million will be spent transforming these three educational facilities as part of the £1billion investment by Barnsley Metropolitan Borough Council, Building Schools for the Future Investments and Barnsley Partnership for Learning, a joint venture between construction company Laing O’Rourke and specialist investor and operator John Laing. Barnsley Local Education Partnership will manage the delivery of the programme along with the six ALCs currently underway from the previous two phases.
Construction on phase three commences in November 2010 and is expected to be completed by September 2012. The nine new ALCs and two Special Schools developed will provide state-of-the-art educational facilities for learners across the borough.
The EIB is providing a £50 million facility. Nationwide Building Society and Nord/LB Bank are lending the remaining £50 million of senior debt. A £12 million equity bridging facility will cover the construction period. An additional £37 million of contributions is provided throughout construction by the Barnsley Metropolitan Borough Council.
Operis continued its role from the previous two phases and was enagaged to conduct due diligence on the financial model and a full tax and accounting review on behalf of the funders and sponsors.