Shadbolt has advised Sodexo Limited as FM Contractor on the first bundle of Ireland's Schools PPP Programme which reached financial close on 6 March 2009.
The scheme involves replacing existing schools at Ferbane, Banagher, and Portlaoise with four new builds. Portlaoise will get two schools on a single site, to be run independently under separate boards of management. As the SPV, Macquarie Partnerships for Ireland will design, build, finance, and operate the schools for 25 years.
Bank of Ireland is the funder of the €80m debt package and Pierse Contracting is the main contractor. Sodexo will operate and maintain the schools for 25 years on this scheme when they come operational following a 15 month construction programme.
This is the first bundle to be released under the Irish Schools programme by the Department of Education and Science and the National Development Finance Agency (NDFA) and is a key component of Ireland's National Development Plan. Under the programme, €320m will be spent on 23 new post-primary schools and 4 new primary schools in the period 2005-2009.
Commenting on the deal Liz Jenkins of Shadbolt said "We have worked with Sodexo on numerous projects in the education, defence and health sectors and were delighted to help Sodexo achieve financial close on this key project for the future of education in Ireland".
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