04 Sep 2013 | 10:38 am | 1 min. read
International law firm Pinsent Masons advised the City of Glasgow College on its £228m project to build two new campuses and a halls of residence – this is the single largest estates investment in the college sector in Scotland and the second college scheme to be delivered through the Scottish non-profit distributing (NPD) financing model.
Wendy Nicolson, Director at Pinsent Masons, said: "The Glasgow College deal is in the widest sense a real success for the college and local community. The education sector in Scotland has been the first to be financed through the NPD model and the City of Glasgow College will benefit from world class facilities. This project represents clear strategic thinking from all the parties involved and is an excellent example of alternative financing models to PFI in the education sector."
The project investment is publicly and privately financed with funding support from the Scottish Government via the Scottish Funding Council (SFC) and from the College’s financial reserves. The European Investment Bank is investing 50% of the senior debt with KfW IPEX-Bank and Helaba providing the remainder.
Work is underway by the Glasgow Learning Quarter consortium, which is led by Sir Robert McAlpine and Forth Electrical Services – the consortium has secured a 25-year concession to design, build, finance and maintain the new campuses.
Iain Marley, Project Director for City of Glasgow College, said: “We are proud to have achieved financial close 21 months after publication of our OJEU notice – a fantastic achievement for a project of this scale – and to remain on course to deliver new campuses on programme and within budget. The contract features many bespoke aspects and innovations including an advanced integrated technology solution and an ambitious community benefits strategy that will ensure that the Glasgow economy profits from this significant investment.”
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