Public Private Partnership (PPP) construction specialists, Carillion (LSE: CLLN) has reached financial close on its Rochdale Building Schools for the Future programme. The building and refurbishment work on the £192 million project will begin this month. The contract is part of the UK government's wider 55 billion programme.
In the joint venture with the Local Education Partnership, Carillion will build and refurbish 13 schools in three phases spanning a total of four years.
Carillion will be investing equity in four of the schools, which are being financed privately through a combination of borrowing and equity. One such school is due to be delivered in the first phase; the company will invest 2.4 million of equity in the Hollingworth School development. Carillion expects to generate approximately £12 million in revenue through the provision of facilities management services for all four privately financed schools over a 25-year concession period. http://www.proactiveinvestors.co.uk/companies/news/12186/carillion-reaches-financial-close-on-rochdale-schools-contract-worth-192-mln-12186.html
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