The Perth and Kinross Schools Investment in Learning PFI Project successfully reached financial close on 4 October 2007.
The £160 million project involves the design, build, finance and operation of six school campuses in the east of Scotland.
Construction has begun on the six campuses, Breadalbane Academy, Blairgowrie Community Campus, Inch View Primary School, Crieff High School, Kinross High School, and St John’s Academy. The first school is expected to be ready for operations in 2009 with final construction completed by 2012.
Axiom Education Ltd, owned by ABN AMRO Capital Management, Laing O’Rourke and MITIE, will lead and manage the project for 30 years. ABN AMRO, SMBC and Landesbank Hessisches-Thuringen are providing the £130 million of senior debt along with interest rate and inflation swaps.
Due to a time frame of less than three weeks before financial close, Operis was engaged to perform an accelerated audit on behalf of the senior lenders.
