Financial Close on Camden Schools BSF Project
Bunnik, 22 December 2010 - BAM is pleased to announce that it has reached financial close on the London Borough of Camden Council’s £75 million BSF schools project. BAM PPP is sponsoring the deal with its sister company BAM Construct UK providing an integrated solution, with BAM Construction as building contractor. BAM Facilities Management will provide facilities management services throughout the 25 year operational concession period and RM Education will provide the ICT managed services to the schools. Long term fixed rate debt is being provided by Aviva.
Alongside the delivery of these services, a new partnership company has been formed between Camden Council and BAM, established specifically for the delivery of the new schools and partnering services.
The contracts will provide the following facilities in Camden:
- New PFI Academy sponsored by the University College London,
- New PFI all-through special educational needs school for children aged between 3-19 years, and
- Part new-build/part refurbishment of the existing South Camden Community Secondary School.
The 3 schools are all of distinct design and respond to each school’s educational needs, site characteristics and specialist stakeholder requirements. Construction work on the sites will commence this month with the first new school opening in June 2012.
Bill Harkins, Projects Director BAM PPP, said: ‘Everyone at BAM is delighted to have reached this major milestone for the project. This has formalised our strong partnership with the London Borough of Camden Council and RM Education and means we can get on with the building of these high profile schools in Camden. Beyond this we are very much looking forward to the opportunity to work with the Council to identify any future schools projects in Camden which could be delivered through the partnership company.’
Note to Editors:
BAM PPP invests in and manages PPP projects on behalf of Royal BAM Group. BAM PPP has approximately 30 projects in its portfolio. BAM PPP is active in the UK, the Netherlands, Belgium, Ireland, Germany and Switzerland in the Education, Health, Law and Order, Road and Rail PPP Sectors. BAM Construction and BAM Facilities Management are leading construction and facilities management services organisations in the UK with a turnover in excess of £1 billion. BAM operates throughout the UK from regional centres in Glasgow, Edinburgh, Bristol, Cardiff, Coventry, Leeds, London, Manchester, and Newcastle. BAM PPP, BAM Construction and BAM FM are wholly owned subsidiaries of Royal BAM Group.
For further information contact: Vicki Harris, Communications Manager, BAM PPP, Tel +44 (0)141 779 863