Pinsent Masons advises on fourth priority schools close

Today marks the close of the fourth batch of the Education Finance Agency's (EFA) Priority Schools Programme.  This batch, for the Midlands, is to provide the construction, financing and provision of services to eight secondary schools across the region, involving a combination of replacing existing school buildings and providing a range of new facilities for pupils and teachers. 

PSBP Midlands Limited, a special purpose vehicle created by a 50:50 joint venture of Carillion and Equitix will be responsible for the delivery of the batch.  Construction work will be undertaken by Carillion Construction Limited and services and services by Carillion AMBS Limited.  As with other batches, finance will be provided by the Amber-led Aggregator, through the European Investment Bank and Aviva.  PSBP Midlands were supported by international infrastructure law firm, Pinsent Masons LLP, with a team lead by partners Gillian Frew and Jon Hart and senior associate Chris Owens.

Director of PSBP Midlands Limited, Simon Green, said: "The Carillion and Equitix joint venture are delighted to have had the opportunity to work together in bringing this latest chapter of the EFA's programme to close, and look forward to working with the EFA and individual schools over the months and years to come in delivering this hugely important project for the Midlands.”

Pinsent Masons Projects Partner, Jon Hart, said: "Pinsent Masons is very proud of its position as a member of the Carillion Legal Network and for its track record of working with Equitix across a range of different projects.  The close of the Midlands batch of the PSBP demonstrates that the EFA has established an effective project finance model for delivery of new schools and improving the learning environment for pupils and teachers alike."

The EFA was advised by Ashurst, team led by Senior Associate David Hartley.

The Aggregator was advised by BLP, team led by Partner Mark Richards and Associate Ed Stewart.