Phase 1 of the Kent County Councils Building Schools for the Future (BSF) programme reached financial close on Friday, 24 October 2008.
The Kent BSF programme was established in 2006 and aims to rebuild or renew a selection of secondary schools over a period of 10 – 15 years. Three of the 10 schools to be developed are covered by the PFI element of the scheme.
The consortium, comprising Land Securities Trillium, Northgate and Kier, was named preferred bidder for the scheme in December 2007. Barclays and SMBC are providing approximately an £85m tranche of senior debt.
Operis conducted due diligence on the transaction’s two financial models.
