Catalyst Lend Lease Reaches Financial Close on First Phase of Birmingham School Project
The project is being delivered via Lend Lease’s integrated model led by Catalyst Lend Lease, with Bovis Lend Lease responsible for the construction of all schools across the six phases of the program. Vita Lend Lease will maintain the completed schools on a 25-year contract.
Mr Steve McCann, Chief Executive Officer of Lend Lease said: “The financial close of this significant program reflects Lend Lease’s focus on the public private partnership market and its success in the education sector in the UK. It also marks an important milestone for the project and for the city of Birmingham, creating future learning environments that meet the needs of the community.”
Construction of the first schools is currently underway and design development is also well underway on 14 more schools which are due to open in 2012.
Sustainability is a key element of the program and all schools will be equipped with wood chip burning biomass boilers, solar panel and photovoltaic glazing to reduce energy and carbon emissions. The program is also focused on creating local employment through awarding contracts to local businesses and encouraging these companies to recruit from the city’s school leavers.
This project builds on Catalyst Lend Lease’s strong PPP pipeline in the UK. The Lancashire BSF project is progressing well with seven schools now open, two more schools opening in September and another five under construction by Bovis Lend Lease and which are due to open in 2010. Lend Lease’s UK PPP business currently focuses on the education, health, waste and accommodation sectors with a portfolio of 19 assets.
