Greek schools package signed and financed

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Greek schools package signed and financed

J&P-Avax SA announced on 9 May 2014 that the firm has signed the contract for the development of 10 new schools in the Attica region in Greece.

The educational project involves the design, construction, finance and maintenance of the new 10 schools for under a 27 year partnership agreement. The deadline to finish the construction is April 2015.

The total investment is estimated at €52.6 million. The project is financed with the J&P-Avax's equity  and with a long-term loan of € 33,4 million granted by the European Investment Bank (EIB) and the JESSICA program of the European Union.

The project, involving a partnership with the private sector, forms part of the strategy of the Ministry of National Education and Religious Affairs to eliminate double shift schools, replace leased schools and upgrade existing publicly owned school buildings.

The project is part of the Attica Schools PPP which involves the design, construction and facility management of 24 new schools in the Attica region in Greece under a 27 year Partnership Agreement.  The project is being procured as two separate PPP sub-projects, concerning 14 and 10 schools each.

In late April a consortium of Greek construction companies, Atese and Domiki Kritis, closed the financing of the PPP project for the construction of 14 public schools in seven municipalities of Attica.

The team  closed funding for a value of €58 million (US$80.3 million) for the project.

The National Bank of Greece manages a total of €83 million euros in JESSICA funds and will co-finance the projects with roughly €36 million (US$49.8 million).

This financial close marked the reopening of the Greek PPP market. The last PPP project closed in Greece was the design, construction and maintenance of seven (7) new fire stations which started operations in January 2014 and reached financial closed in April 2009.

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