hub Project - Primary Schools
Financial Adviser to hub East Central Scotland
QMPF has successfully closed the £16.5m Angus Schools hub East Central Scotland transaction, this hub deal will see the design, build, finance and maintenance of two primary schools in Arbroath.
The primary schools, Ladyloan and Muirfield, and will provide vital education facilities for 335 pupils and 72 nursery places. Construction started shortly after financial close and the schools will open in December 2018.Both schools will be operational under the contract for 25 years.
The SPV parties are Angus Council, Scottish Futures Trust, Robertson Capital Projects, Amber Infrastructure Limited and FES.
The majority of the funding for this project has been provided by Aviva Commercial Finance (£15m) with an additional £1.6m provided as subordinated debt.
QMPF delivered financial advice and CMS Cameron McKenna provided the legal advice to the sponsor. QMPF supported the sponsor throughout the deal process, delivering the financial model and securing the pricing from Aviva Commercial Finance. QMPF provided general commercial advice throughout the transaction, contributed to the financial aspects of the legal documents and ensured that financial close was achieved.
Gary Bushnell, Chief Executive of hub East Central Scotland Limited said: “QMPF offered a responsive and professional service throughout this transaction. The QMPF team communicated effectively with the Council’s financial advisors, the legal advisers and the model auditors to ensure that outstanding points were efficiently managed and resolved quickly. We were pleased with the prompt response times and attention to detail demonstrated by QMPF during this transaction and we look forward to working with QMPF on future deals.”
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