The £100m PFI contract for Falkirk Schools NPDO project in Edinburgh reached financial close today.
The project involves the complete rebuild of four secondary schools, Falkirk High School, St Mungo’s High School, Denny High School and Grangemouth High School, and forms part of a promotion of continuous improvement within the education service.
The Falkirk Schools Gateway Consortium was the preferred bidder for this project which is funded using a Non-Profit Distributing Organisation (NPDO) SPV which will re-invest any surplus for the benefit of the wider community.
Royal Bank of Scotland is providing senior financing for this project in the amount of £105m.
Operis provided financial model due diligence services and tax and accounting advice to Royal Bank of Scotland. The Gateway consortium was advised by Grant Thornton.