The £41m Liverpool Library PFI project achieved financial close on 19 July 2010. The project was procured by Liverpool City Council, which was granted £50m of PFI credits for the refurbishment of the library. The SPV for the project is Inspire Partnerships Limited Partnership, consisting of Amber Infrastructure Limited and PFI Securities (Liverpool) Limited. The senior lenders for the project are Nationwide Building Society and Helaba Structured Finance.
The project involves the redevelopment of the Central Library in Liverpool. The parts of the building dating back to 1850 will be restored, the remainder of the building, built in the 1950s to 1970s, will be demolished and rebuilt. The project will also involve a new home for the Liverpool Record Office, which will house documents from the last 800 years in climate controlled storage. Construction is expected to last until November 2012, with operations continuing for a further 25 years.
Operis provided financial model due diligence services for the Inspire Partnership and the lenders.