The Solihull BSF project reached financial close today.
The project, which has a 28-year life, saw Solihull Metropolitan Borough Council sign a program worth £74m involving the provision of four new schools. Three of the schools, Lanchester Special School, Smith’s Wood Sports College and Park Hall Secondary School are to be funded through PFI and the fourth school, Archbishop Grimshaw, is to be conventionally funded. The Project also includes the provision of soft and hard FM services to the above schools for a period of 25 years from full service commencement.
DEPFA Bank provided a £61m loan with a subordinated debt of £5m.
Operis reviewed the financial model and provided tax and accounting advice on behalf of DEPFA, BAM PPP UK and Solihull Metropolitan Borough Council.