Stephenson Harwood LLP's client, the Interserve/Kajima consortium, has been appointed as the preferred bidder on the first private finance batch of the UK Government’s flagship school building programme – the Priority School Building Programme (“PSBP”).
The consortium will design, construct and maintain seven schools in Hertfordshire, Luton and Reading, worth up to £150m. The consortium beat rivals Morgan Sindall and Wates, who had also been shortlisted for the project.
Interserve is a leading support service and construction company, operating in the public and private sectors in the UK and internationally. It offers advice, design, construction, equipment and facilities management services for society's infrastructure. Kajima is an award-winning project developer and property investor, which develops, delivers and manages high quality buildings for both the public and private sectors.
Stephenson Harwood will now be advising the consortium on the final phase of the project with the aim of reaching financial close in late October 2014. A team led by projects and infrastructure partner Rebecca Carter, and senior associate Ian Pumfrey, advised the consortium.
Rebecca Carter commented “This win represents a significant milestone for both our client and Stephenson Harwood. This key strategic win is the first project to be procured using the new “PF2” guidance. The procuring authority – the Education Funding Agency – has adopted a unique financing approach which will involve an “Aggregator” being separately procured to source the funding for this project as well as four further school batches over the next 12 months.”
Ashurst LLP is advising the Education Funding Agency.