BAM PPP PGGM closes financing for Irish school bundle PPP

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BAM PPP PGGM closes financing for Irish school bundle PPP

A consortium led by BAM PPP has achieved financial close for the Irish schools PPP Bundle 4 in early January.

Lenders include AIB Corporate Banking and Germany's KfW IPEX-Bank. Both banks are acting as senior lenders and swap providers (equally). AIB is separately providing the Agent and Account Bank functions.

The winning consortium is formed by: BAM PPP PGGM as equity provider; BAM PPP as project manager, BAM Building Ltd. as contractor, and BAM FM Ireland Ltd as FM service provider.

The project will be developed on a design, build, finance, and maintenance basis for a period of 25 years. Total investment is estimated at about €65 million.

The details of the schools are as set out below:

  • St Josephs Secondary School, Tulla, Co Clare: to provide a new replacement secondary school for 650 students including a special education needs suite on a greenfield site.
  • Comeragh College, Carrick on Suir, Co Tipperary: to provide a replacement post-primary VEC college for 500 students, including a special education needs suite, on a greenfield site.
  • Skibbereen Community School, Co Cork: new post primary school for 900 students, including a special needs suite, arising from amalgamation of three schools in the area.
  • St Mary's College, Dundalk, Co Louth: new replacement secondary school for 900 students on the site of the existing school.

The NDFA, which is responsible for monitoring the construction stage of the schools until completion, said it was especially encouraging to have seen strong interest from international investors and funders in the project.

Consultants include: Philip Lee as NDFA's Legal Advisor, QMPF as BAM PPP's Financial Advisor, Arthur Cox as BAM PPP's Legal Advisor and DLA Piper as Banks' Legal Advisor, Johnston Houston as Banks' Technical Advisor.

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