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Equitix achieve financial close on the Midlands Priority School Building Programme

13 Aug 2015

A Carillion Joint Venture with Equitix has achieved financial close on the Midlands Priority School Building Programme. The programme is for £187M of construction and support services.

The Midlands Priority School Building Programme constitutes a 25 year private finance concession contract informed by the UK government’s Private Finance 2 (PF2) model.

It comes as part of the government’s £750M Priority School Building Programme (PSBP) which allows the Education Funding Agency to manage the replacement and upgrading of selected schools in England.

Under the deal eight new schools will be constructed over a two-year period at a cost of £138m.

Schools in the Midlands Priority Programme

• Alfreton Grange Arts College, Derbyshire

• ARK Kings Academy, Birmingham

• Greenwood Academy, Birmingham

• Plantsbrook School, Birmingham

• President Kennedy School, Coventry

• The Phoenix Collegiate, Sandwell

• The Queen Elizabeth Academy, Warwickshire

• Top Valley Academy, Nottingham

Hard facilities management and life-cycle maintenance services will also be delivered by Carillion for £49m over the life of the concession contract. Carillion said it would use the projects to provide training and apprenticeship opportunities as well maximising the use of local suppliers. 

Midlands Priority Schools Building Programme will ensure improved facilities and outcomes for both students and staff by replacing existing substandard buildings.

About Equitix:

Equitix was established in 2007 and is based in London. Equitix is an integrated core infrastructure asset management and primary project platform and typically invests in UK infrastructure projects with long-term revenue streams across the healthcare, education, social housing, highways and street lighting, offshore transmissions and renewable and waste sectors. Tetragon (TFG) owns 85% of the business; over time, TFG’s holding is expected to decline to approximately 74.8%. Management own the balance. Equitix Investment Management Limited is authorised and regulated by the UK Financial Conduct Authority. 

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any state or jurisdiction.