The Pupil Referral Unit (PRU) variation to Islington BSF Phase 2 reached financial close on 8 June 2011.

The original Islington BSF Phase 2 project closed on 25 November 2010 and involved the Elizabeth Garrett Anderson Language College. This variation involves the construction of a new Pupil Referral Unit, called New River College, in the London Borough of Islington.

The new PRU will replace three existing PRUs within the Borough of Islington, none of which are housed in purpose-built accommodation. The new PRU will provide education and training to young people who are permanently excluded from a school place.  New River College is expected to open in September 2012.

Balfour Beatty are the project sponsors and will invest an additional £631,000 for the variation.  £5.5 million of additional debt funding will be provided jointly by BBVA and SMBC.

Operis provided financial model auditing services as well as a tax and accounting review to the lenders and sponsors.

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