Ayrshire College, Scotland, has announced that the financial close for the Kilmarnock campus NPD PPP project has been achieved.
The project contract is for a period of 25 years. On 6 November 2013 the project was awarded to the consortium C3, which is formed by: 3i Infrastructure plc, McLaughlin & Harvey Ltd and SPIE FS Northern UK Ltd. 3i Infrastructure is the shareholder in the project. McLaughlin & Harvey Ltd is the construction contractor and SPIE FS Northern UK Ltd will provide facilities management services for the duration of the operational period.
Alex Salmond, First Minister, stated:
I am delighted that financial close has been reached on the new £53 million Kilmarnock Campus. Not only will the building deliver state of the art learning facilities for the students of Ayrshire College, but the development will deliver over 170 construction jobs, create eight apprenticeship places and deliver numerous work placement and training opportunities
The total investment is estimated at £53 million (US$89 million). Aviva Public Private Finance will provide the senior debt financing for new campus. The 25-year DBFM contract is being procured under Scotland's non-profit distributing model which is characterised by capped private sector returns and the absence of dividend bearing equity.
The new campus has been designed to create a stimulating learning environment that is welcoming, accessible and flexible. The building will include a vibrant learning mall with a casual dining restaurant, health and wellbeing centre, hair and beauty salon and a learning resource centre, along with sector-leading facilities for sport and science, technology and engineering.The other two bidders for the project were the following: