Tuesday, August 14, 2007
The InspirED consortium comprising Amec, John Laing and Innisfree has reached financial close on the 30-year PPP contract to deliver six new secondary schools for East Dunbartonshire Council.
The contract will see InspirED design and construct the schools, redevelop surplus land on five of the sites and provide estate management services over the concession period. Amec, John Laing and Innisfree will each commit £3.2 million of equity.
David Hardy, managing director of John Laing Social Infrastructure said: “We are delighted to have reached this important milestone in the delivery of this project. We look forward to working with the Council to deliver the new schools for the benefit of the East Dunbartonshire community.”
Council Leader Rhondda Geekie is delighted that financial close has been reached. She said: “The PPP project is fundamental to our education plans in East Dunbartonshire. Reaching financial close with InspirED ensures that we remain on track to deliver six excellent new schools, providing the best of facilities for the benefit of our young people and the wider community.
“Now that financial close has been reached, we are looking forward to the construction phase and the delivery of six new schools for East Dunbartonshire.”
ENDS
For further information please contact:
The Madano Partnership
Tel: 020 7593 4000, or
Christine Jones, Communications Manager at John Laing plc
Tel: 020 7901 3290
Notes to Editors:
AMEC plc is an international project management and services company that designs, delivers and supports infrastructure assets for customers across the public and private sectors. AMEC employs around 18,000 people working from a network of offices throughout the UK, US and Canada, as well as regional offices and projects worldwide. AMEC's shares are traded on the London Stock Exchange where the company is listed in the Support Services sector (LSE: AMEC.L). www.amec.com
Innisfree is the leading infrastructure investment group in the UK sponsoring and making long term investments in PFI and PPP infrastructure projects. Innisfree currently has a platform of 46 PFI infrastructure projects with a capital value of some £8 billion covering health, education, transport and government accommodation. Innisfree is the largest private sector investor in PFI education projects in the UK. It has current commitments of some £90 million to 16 education projects costing £1.4 billion. These comprise over 270 schools educating over 100,000 children.
John Laing plc is a specialist provider of facilities in the PFI and PPP markets with a long-term perspective and approach. The company manages and delivers 56 projects from planning and funding through to design, construction and operation. It is actively involved in the management of a wide range of education, health, police, defence, roads, rail and special purpose government facilities www.laing.com.