Essex BSF Reaches Financial Close
On 30th April 2010 Skanska and Equitix achieved financial close on the Essex Building Schools for the Future (BSF) programme which will see the renewal, refurbishment and remodelling of the county’s entire secondary school estate. Equitix is delighted to be investing alongside Skanska, RM and Essex County Council.
The first wave comprises four sample schools and a further twenty three non-sample schools with a CAPEX of c.£460m. The entire programme will involve over 100 facilities. Skanska will provide design, construction and facilities management services, and RM the ICT solution. Equitix will be investing in the PFI projects.
Contracts signed as Fenland builds schools for the future
The £110m contract for Cambridgeshire County Council's Building Schools for the Future (BSF) project has been signed.
This contract establishes a Local Education Partnership between the County Council, Building Schools for the Future Investments and Equitix Ltd. This partnership will now deliver the BSF project in Cambridgeshire, which, subject to funding for future phases, will rebuild and remodel secondary and special schools in Cambridgeshire.
Building work on the first two schools, Neale-Wade Community College in March and Thomas Clarkson Community College in Wisbech, will start in July. Contractors will work over the summer to establish the projects before the start of the Autumn term.
Design work on the other schools that form part of the Fenland BSF Project - Cromwell Community College in Chatteris; Sir Harry Smith Community College in Whittlesey; Meadowgate School in Wisbech and the Fenland Junction Pupil Referral Unit in March - is expected to begin later this year.
Once completed, the schools and their state-of-the-art facilities - including leisure and learning, sports and ICT provision - will not only be available to students and young people, but to the whole community.
The programme will create new jobs and apprenticeships, help to create sustained growth in the economy, contribute to future prosperity and help tackle local unemployment by developing a skills base within the Fenland and surrounding area.
Cllr Martin Curtis, the County Council's Cabinet Member for Children said: "This is great news for Cambridgeshire generally and for Fenland in particular. Our young people deserve the very best facilities that we can provide and we look forward to seeing how these new buildings can improve opportunities for young people's learning and the well-being of local communities."
Equitix closes Bristol Leisure PFI (14th April 2010)
Equitix has completed the PFI deal to deliver the Bristol Hengrove Park leisure centre. Contractor Kier will be responsible for the building works. Parkwood Leisure will be responsible for the operation and maintenance of the centre. The project SPV was advised by Bevan Brittan and KPMG.
The new leisure centre is scheduled to open in February 2012 and will provide a centre of sporting excellence for the City and wider region as well as making a significant contribution to the regeneration of South Bristol. The facilities that will become available in the run up to the 2012 Olympics, when demand for sports facilities is expected to reach record levels. It will include a ten-lane 50-metre swimming pool, a health and fitness suite with 150 stations as well as a wide range of supporting leisure facilities.
Parkwood Leisure will be responsible for the operation and maintenance of the centre. Partners in the deal included Bristol City Council (advised by Wragge & Co) and senior lender National Australia Bank (advised by Ashfords).
Fabio D’Alonzo commented
A lot of hard work has gone into reaching this deal and all of the parties in the project look forward to delivering an excellent sports and leisure facility for Bristol City Council.
Equitix acquires Blackpool Street Lighting PFI
Equitix is pleased to announce the acquisition of Blackpool Street Lighting in February 2010. Equitix are co-investors with Pell Frischmann. The Blackpool street lighting project consists of the replacement of 14,100 columns, the installation of 2,100 more, and 125 traffic signalling locations being replaced; all of which is being maintained throughout the project life.
Equitix acquires Parkwood PFI Leisure portfolio in December 2009
Equitix is pleased to announce that it has acquired Parkwood’s stake in a portfolio of 5 PFI leisure projects comprising 9 sites: Bexley, Breckland, Rivendell, Waterfront and Penwith. The deal represents an excellent opportunity for Equitix to get involved into the PFI Leisure sector with an established and successful leisure operator.
John Harris, Director commented "This transaction continues our success in the marketplace and demonstrates the Fund's focus on building a portfolio of quality assets whilst opening potential future opportunities in the leisure sector".
Equitix acquires Kent Care Home PFI in December 2009
Equitix is pleased to announce that it has acquired a 50% stake in a PFI scheme for the provision of two purpose built facilities in Kent that provide care and rehabilitation for the elderly. The facilities, which involved capital expenditure of c.£17m, have been operational since 2005. As is the case with Equitix’s care homes in Shropshire, this project will continue to be supported by Shaw Group who will deliver Hard and Soft services to the facilities.
Equitix appointed preferred bidder on Cambridgeshire BSF
Following a 15-month procurement and selection process, Equitix has been appointed preferred bidder on Cambridgeshire’s Building Schools for the Future Programme. Equitix will work in partnership with Cambridgeshire County Council on its £600m programme, which aims to rebuild and renovate the entire Cambridgeshire secondary school estate. The first phase of the programme will be focused in Fenland, where £100m of investment will result in major improvements to Meadowgate School in Wisbech, Thomas Clarkson Community College, Sir Harry Smith Community College, Cromwell and Neale Wade Community Colleges and the Fenland Junction Pupil Referral Unit.
The Equitix consortium includes local construction partners Kier Eastern and Galliford Try, as well as Cambridgeshire-based RH Partnership, and MAKE Architects. MITIE will provide facilities management on the scheme alongside DELL, the consortium’s ICT partner. CMS Cameron McKenna and Deloitte act as legal and financial advisers respectively.
Nick Parker, Director of Equitix, commented: "I am delighted that we have been selected to work in partnership with Cambridgeshire County Council to create schools which will put the needs of learners first. Our vision is to work with the schools and communities of Fenland to develop truly exciting environments that will meet the demands of a modern education system, with integrated ICT at its core."
Further information can be found on Cambridgeshire’s Building Schools for the Future website:
http://c9b.e2bn.net/e2bn/leas/c99/schools/c9b/web/public/bsf/
Greenwich BSF Reaches Financial Close
VT Group (VT) and Equitix have reached financial close on the Greenwich Building Schools for the Future (BSF) programme. VT is the Strategic Partnering Organisation for the London Borough of Greenwich, managing the design, construction and facilities management for all schools in the programme. VT and Equitix are equal shareholders in the special purpose vehicle (SPV) set up to construct and maintain the schools
The programme covers three waves of secondary school regeneration that includes all 13 secondary schools. Construction has commenced on the first two schools, Crown Woods and Thomas Tallis; both are due for completion in 2011.
Crown Woods’ 1,800 pupils will benefit from a three building ‘collegiate’ school, enabling streams of pupils to have their own separate facilities. The state –of-the-art school will be constructed on the existing playing fields with the students remaining in the old school until its demolition in 2011. This will make space for the provision of new playing fields, constructed to Sports England specifications. .
Thomas Tallis, a specialist performing arts school for 1,950 pupils, will significantly increase in size. The facilities incorporates a new sports centre which will include a six court sports hall, martial arts hall and gymnastic hall. The martial arts facility has been proposed as a training facility during the run-up to the 2012 Olympic Games. As with Crown Woods, the existing buildings will remain in use until the new school is ready for completion.
Geoff Jackson, Equitix's Managing Director stated;
"Working in partnership with VT and Greenwich we look forward to building a close long-term relationship that will help to deliver tangible benefits to the borough."
Equitix Take Fund 1 to £90m
Equitix Investment Management announced on Monday 12th October that its PPP fund, Equitix Fund I, has reached a further closing, with investor commitments now more than £90m. The investors are three U.K. corporate pension funds and four local authority pension funds. “This was a major step towards achieving the Fund’s target size of £125m by year end”, said Director John Harris.
Equitix has already committed around £55m of the fund.
Equitix acquires Primary School in Oct 2009
Equitix is delighted to announce the acquisition of a primary school project in Pembrokeshire from Macob Construction. Completed in 2001 the school was the first PFI primary school to open in Wales. The 5500m2 building encompasses state of the art accommodation for 500 pupils aged 3-11. An Autistic Unit and playgroup provision are also accommodated. The project was awarded ‘Best Operational Education Project’ (Public: Private Awards 05).
Equitix reaches final close on Derbyshire schools scheme - July 2009
Equitix - an investment company partly funded by local authority pension funds - has reached financial close on the first phase of Derbyshire County Council's £750 million Building Schools for the Future (BSF) programme.
Nationwide provides the senior debt of £37 million for the PFI part of the deal. The 25-year loan has a 12-month tail. First drawdown took place on July 16th 2009.
Equitix will supply around 80 per cent of the equity with the remaining coming from the public sector including Building Schools for the Future Investments (BSFI).
The Equitix consortium, which landed the 25-year concession ahead of Balfour Beatty last December, also includes:
- Bowmer & Kirkland
- GF Tomlinson
- MITIE - FM provider
- Dell - ICT provider
The transaction is the first primary investment for Equitix Fund I. The investment vehicle is funded by a mixture of private and local authority pension funds, and currently bidding on a number of other BSF as it seeks to expand its PFI portfolio.
The full Derbyshire scheme is one the UK's largest BSF programmes and will ultimately see the delivery of 46 schools across the central English county in a mixture of PFI and D&B arrangements. The first phase will deliver two PFI schools and one further D&B facility.
CMS provided legal advice for the sponsor with financial advice coming from Deloitte. Addleshaw Goddard provided legal advice for the lenders on the financing element of the deal, while CMS acted on the project side.
Nabarro was legal adviser for the authority with financial advice coming from Grant Thornton
Equitix Acquires Shropshire Care Home PFI in June 09
Equitix is pleased to announce that it has acquired a PFI healthcare portfolio. The concession with Shropshire CC is for construction plus 28 years, and the facilities have been operational since Sept 2006. The 6 facilities allow the re-provision of a variety of care facilities, community facilities and offices accommodation to the care teams. The project will continue to be supported by Shaw Group who will deliver Hard and Soft services to the facilities.
Hugh Crossley, Director commented "This continues Equitix's good progress in the marketplace and demonstrates the Fund's focus on building a portfolio of quality assets that compliment Equitix's primary business activities - in this case Extracare, an important market for the future".
Equitix Steps into Greenwich BSF June 09
Equitix is pleased to announce that it has stepped into Greenwich BSF PFI to replace ANZ bank. In partnership with VT Group, who are leading the transaction, Equitix hope to close the first wave PFI schools in the near future. The first two PFI schools are Crown Woods and Thomas Tallis with a capital value of approximately £100m.
Hugh Crossley, Director commented "We are delighted to join forces with VT in their Strategic Partnership with Greenwich."
Equitix Acquires Leeds Healthcare facilities in Feb 09
Equitix is pleased to announce that it has acquired a PFI healthcare portfolio from Accent Group. The project, which was originally closed by Accent Foundation in February 2000, involves the operation and maintenance of seven mental health units in Leeds. The project has been fully operational since 2003. The successful acquisition, restructuring and refinancing was approved by the PFU and Leeds Partnerships NHS Foundation Trust, and completed on 13th Feb. Equitix was supported by Interservefm who will deliver Hard and Soft services to the Trust.
Hugh Crossley, Director commented "Unusually for a secondary market transaction this required real commitment from the public sector, a new service provider, new lenders, as well as the vendor to get the deal done. The assets are a good fit for Equitix and demonstrate Equitix, Interservefm and National Australia Banks long term commitment to PPP despite the uncertainty in the market"
Bidder chosen for multi-million pound schools scheme - 18 December 2008
A £750 million transformation of secondary education is set to begin following the selection of a bidder to help carry out Derbyshire's largest school building project. Derbyshire County Council has chosen Equitix as the preferred bidder to work in partnership with the authority to build the first six schools in the Government's Building Schools for the Future (BSF) programme. Schools to be transformed with Equitix in the first £77 million phase are; Bolsover, Heritage, Springwell, Stubbin Wood, Shirebrook and Netherthorpe. Private finance initiatives (PFI) and design and build schemes will be used to create some of the new schools. The Equitix consortium, which includes local design and construct partners Bowmer & Kirkland and GF Tomlinson, was one of two companies to bid to work with the authority on the scheme. MITIE will be providing facilities management alongside Dell who are the consortium's ICT partner. A Local Education Partnership (LEP) will be set up to build the schools and equip them with ICT. A LEP is a partnership between the county council and a private building contractor that is formed to carry out all building and improvement work costing more than £750,000. The LEP is expected to be in place by February so work on refurbishing and rebuilding schools can begin by March. Councillor John Williams, leader of Derbyshire County Council, said: "We received very high quality bids but after careful consideration we have chosen Equitix to join us in creating new state-of-the-art schools."We felt they shared our vision for the future of secondary education in Derbyshire and will help us create centres of excellence that will meet the needs of 21 Century students. "The facilities these schools will offer at the heart of our communities will enormously benefit pupils and local people by providing incredible opportunities. "These schools will be more than just impressive buildings - they will be open for longer so everyone can make use of them and tap into adult education and better sports facilities. "Building Schools for the Future development will bring wider education opportunities for young people and create new jobs and bring major investment into Derbyshire."
Geoff Jackson, managing director of Equitix, said: "I'm delighted and proud that we have been chosen to work in partnership with Derbyshire County Council to create schools which will put the needs of students first. "We plan to create the highest quality buildings, specifically designed to meet their needs and be flexible so they can serve a variety of uses for students, teachers and the local communities. "These schools will meet the demands of the modern education system and look appealing and inspire learning."
It is intended that the six schools in north east Derbyshire will rebuilt or refurbished by 2010. A second group of six schools is outlined for completion by 2012. The second group of schools to receive a £66 million shot in the arm will be; Tibshelf Community School, Alfreton Grange Arts College (formerly known as Mortimer Wilson School), Frederick Gent School in South Normanton, Swanwick Hall School, Swanwick School and Sports College (formerly know as The Delves School), and Alfreton Park Community Special School. All other secondary schools in Derbyshire will receive funding in later stages of the Building Schools for the Future programme with work intended to be completed by 2023. Councillor Williams added: "The Government has already approved our vision for improving all secondary schools in Derbyshire, including those in the later phases of the programme.
"This funding is about more than just improving school buildings - it's about looking at the way secondary education is delivered and offering vocational courses so all young people have the chance to make the most of their potential.
"In all the schools we will consult with pupils, teachers, governors, parents and the local community to get well designed, efficient and modern buildings with state-of-the-art technology and equipment."
Further Information can be found at these links:
http://www.derbyshire.gov.uk/education/schools_colleges/buildings/bsf/default.asp http://www.derbyshire.gov.uk/news_events/news/2008/december/news_items/bidder.asphttp://news.bbc.co.uk/1/hi/england/derbyshire/7815016.stm
http://www.derbyshire.gov.uk/news_events/news/2009/january/news_items/new_schools
Equitix Fund news
In November 2008 Equitix Fund I achieved a first closing with institutional money from UK pension schemes. The Fund has been structured to invest in PFI/PPP social infrastructure projects with a fund life of 25 years. The Fund will be managed by Equitix Investment Management Ltd, an FSA regulated entity. The Fund has a target size of £125m which is expected to be reached by summer 2009.The Fund will invest in projects secured through EquitixÂ’s own proprietary pipeline of primary transactions as well as selective secondary acquisitions. The Fund has already acquired 2 mental health PFI projects and is preferred bidder on another three portfolio acquisitions.