The first phase of the Birmingham Building Schools for the Future (BSF) programme has reached financial close. This phase of the project, valued at £180 million, will see the following schools being procured via PFI: Stockland Green Technology College; Holte School; Mayfield SEN School; and Lozells School. Construction of the first school is scheduled to be completed by January 2011, while the three remaining schools are due to come into operation at the start of March 2011.
The procuring authority is Birmingham City Council. Located in the West Midlands of England, Birmingham has the largest local authority in the UK and the largest council in Europe. The council have been advised by Turner & Townsend (technical and procurement), Bevan Britton (legal) and Deloitte (financial).
The private sector partner is Catalyst Education, which will provide construction and maintenance of the schools over a 25 year period via Bovis Lend Lease and Vita Lend Lease.
Senior debt of approximately £50 million is being arranged by Nationwide Building Society and The Co-operative Bank. Upon completion of all six phases, the Birmingham BSF programme will be the largest of the BSF scheme with an estimated total value of £800 million.
Operis served as model auditor on this project.