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LONDON (Alliance News) - International Public Partnerships Ltd on Thursday said the Learning Communities Victoria Consortium has reached financial close on the New Schools Public Private Partnership Project in the state of Victoria in Australia.
International Public Partnerships said it will own the project in full. It will invest GBP16.5 million, funded through cash and existing debt, equivalent to all of the project's risk capital.
The London-listed infrastructure investment company said the project is expected to produce "predictable and high quality" cashflow.
The project, which consists of the design, building, financing and maintenance of 15 schools across 12 sites, was commissioned by the Victorian Department of Education and Training. The contract, signed with the Victorian government, will last for 25 years from the expected date of construction completion.
Construction is expected to begin in the final quarter of 2015. The first lot of schools should be ready for the 2017 school year, with the subsequent tranche to be ready for the following school year.
The Learning Communities Victoria Consortium was led by Amber Infrastructure. Other members of the consortium are International Public Partnerships, Watpac Construction, Spotless Facility Services, YMCA Learning Communities, and the Centre for Education and Research in Environmental Strategies.
Shares in International Public Partnerships were up 0.1% at 131.81 pence on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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