The UK Education Funding Agency (EFA) has announced that Morgan Sindall Investments and Equitix joint venture (JV) has been selected as the preferred bidder for the third batch of PF2 schools in the North West of England.
The Priority School Building Programme (PSBP) North West private finance batch comprises 12 schools including seven primary schools and five secondary schools.
The project will be developed on a design, build, finance and maintain (DBFM) basis. The contract will include an estimated 24 month construction phase and a 25 year operational term from the service commencement date of the final school to be completed.
The total project investment is estimated at £93 million (US$156 million). Under private finance 2 (PF2), Morgan Sindall and Equitix will put in around 8% equity and the public purse will contribute 2% equity, while the remaining 90% will be privately financed.
PSPB is a centrally managed government programme set up to address the needs of the schools most in need of urgent repair. Through the programme, 261 schools will be rebuilt or have their condition needs met by the Education Funding Agency (EFA).
In mid July we reported that the EFA announced that the Amber Infrastructure & International Public Partnerships Limited (INPP) consortium was chosen as the selected bidder to finance the five batches of schools being delivered through the PSBP.