Overview
HICL is paying £16.2m to acquire additional 40% interests in both phase 1 and phase 2 of the Salford & Wigan BSF (Building Schools for the Future) projects. This takes HICL’s stake in both projects up to 80%.
S&W Phase 1 and S&W Phase 2 are 26-year and 27-year PFI concessions, respectively, to design, build, finance, maintain and operate five new secondary schools in Salford and Wigan, Greater Manchester on behalf of Salford City Council and Wigan Borough Council. S&W Phase 1 was signed in 2010 and has been fully operational since 2011, while S&W Phase 2 was signed in 2011 and has been fully operational since 2013. Construction of both projects was undertaken by Laing O’Rourke Construction, a subsidiary of Laing O’Rourke Plc. The provision of hard and soft FM services, including catering, are undertaken by SPIE Facility Services Limited, a subsidiary of SPIE SA Group.
The seller was Hochtief.
HICL adds to Salford and Wigan schools exposure