The Herts, Luton and Reading batch of the Priority Schools Building Programme (PSBP) reached financial close on March 19, 2015.

The seven schools comprising the batch will be built and maintained by a consortium of Interserve and Kajima.

£136 million of funding for this batch was provided by the Aggregator Vehicle, a company set up by Amber Infrastructure with the sole purpose of lending to each of the five PSBP projects. The Aggregator Vehicle itself is funded by a combination of senior debt from EIB and Aviva and mezzanine debt provided by INPP. Operis were pleased to undertake audits of the financial models for both the Aggregator Vehicle and the batch level SPV.

This was the second PSBP batch to reach close. The North-East batch closed on March 10, 2015 with Operis also providing audits for both models. Operis will continue to be involved with the remaining three PSBP batches, providing a combination of financial advisory and model auditing services.

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