Financiers and advisors revealed for Australian schools

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Financiers and advisors revealed for Australian schools

Financiers and advisors have been revealed for the New Schools public private partnership (PPP) project in the state of Victoria in Australia.

In October this year Learning Communities Victoria Consortium reached financial close on the project. The Learning Communities Victoria Consortium is made up Amber Infrastructure (sponsor), Watpac Construction (design-builder), Spotless (FM) and YMCA (community services and activities).

Financing for the 15 new schools was provided to the consortium by Natixis and the Canadian Imperial Bank of CommerceThe total project investment is estimated at A$291 million (US$206.7 million).

Herbert Smith Freehills advised Amber Infrastructure on the tender process for the project. Other firms involved in the deal include King & Wood Mallesons, legal advisor for the financiers, Minter Ellison Lawyers legal advisor for Spotless, Piper Alderman, legal advisor for Watpac and Moores and HWL Ebsworth, legal advisor for YMCA.

The project comprises the delivery of 15 schools across 12 sites in Melbourne's growth suburbs. It will be developed on a design, build, finance and maintenance (DBFM) basis. The preferred bidder will have to supply maintenance for 25 years, and will be paid quarterly over the life of the project.

The schools will be built in some of Victoria's fastest growing areas and designed to cater for their communities, with a range of facilities such as gyms, swimming pools, meeting places and childcare facilities also available to local families. The schools will also be designed to accommodate the needs of students with disabilities and additional needs.

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