Dalmore Capital has acquired an additional 30% stake in Phase 1 and 2 of the Newcastle Building Schools for the Future (BFS) programme from Sir Robert McAlpine.

The transaction bring the comapny's stakes in the Newcastle BSF projects to approximately 65%. The investments will be held by PPP Equity PIP, a vehicle established in 2014 by Dalmore Capital following the Pensions Infrastructure Platform (PIP) initiative by the National Association of Pension Funds (NAPF) and the Pension Protection Fund (PPF). The Fund currently has £508 million commitments and a target of £600 million.

Sir Robert McAlpine redeveloped 16 schools in Newcastle upon Tyne under the Building Schools for the Future (BSF) programme. The phased project involved the development, design and delivery of refurbishment, extension and replacement schemes for primary and secondary schools across the city. Work included the provision of external facilities including multi use games areas and sports pitches.

• Phase 1 comprises 7 PFI funded secondary schools and 1 traditionally funded secondary school worth a total of £110 million covering a total area of over 48, 000m².
• Phase 2 comprises a further 8 schools also worth in excess of £110 million.

Building Schools for the Future (BSF) was the name given to the British government's investment programme in secondary school buildings in England in the 2000s. The programme was very ambitious in its costs, timescales and objectives-