BAM reaches Financial Close on first project in Irish Government’s Stimulus Programme - Schools PPP Programme, Bundle 4

8 January 2015 16:15

Bunnik, the Netherlands, 8 January 2015 - BAM PPP has reached financial close on Irelands Schools Bundle 4 PPP project.

The project comprises four new post-primary schools in Counties Tipperary, Cork, Clare and Louth. The schools will all be constructed on greenfield sites and will have an overall pupil capacity of 2,950.

BAM has worked with the Department of Education and Skills (DoES) and the National Development Finance Agency (NDFA) to reach Financial Close as expected this year. This significant project is the first accommodation-based project in the Irish Government’s Stimulus Programme to Close.

BAM commenced construction on the 5th January 2015, with overall completion in May 2016. This will be followed by a 25 year concession period where BAM will be delivering both hard and soft facility management services. Investment funds will be provided by BAM PPP PGGM Coöperatie.

The total investment will be €70 million. Project financing will be provided jointly by two banks, AIB and KfW. The banks were selected following a Preferred Tenderer funding competition conducted  by BAM and overseen by the NDFA.

Consultants include: Philip Lee as NDFA’s Legal Advisor, QMPF as BAM PPP’s Financial Advisor, Arthur Cox as BAM PPP’s Legal Advisor and DLA Piper as Banks’ Legal Advisor, Johnston Houston as Banks’ Technical Advisor.