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Our Portfolio


Education Portfolio

Project Client Project Capex (£m) Financial Close
Priority Schools Building Programme, Yorkshire Secretary of State for Education 118 April 2016
In April 2016, Equitix acquired a third-party minority stake in the Yorkshire Priority Schools project, procuring a stake of the equity and subordinated debt from Laing O’Rourke. The project acquired is the fifth of five private finance batches of the Priority School Building Programme (PSPB) which will see seven secondary schools designed, built, financed and maintained. The schools in this batch are located in Huddersfield, Harrogate, Keighley, Cleckheaton and three in Bradford. 46 schools will be delivered overall. Laing O’Rourke Construction, the building contractors, started on site in September 2016 and are expected to take around 27 months to complete the development. The project has a 25-year operating period post construction.

Glasgow College Glasgow City Council 175 October 2015

In October 2015 Equitix acquired a 40% share in the City of Glasgow College NPD project. This entails the replacement of the existing college estate with two new-build campuses at Cathedral Street (City Campus) and Thistle Street (Riverside Campus).

The project reached financial close in June 2013 and the Riverside Campus reached Practical Completion in August 2015. This is now a Centre for Excellence specialising in marine engineering and nautical science. The City Campus reached Practical Completion in August 2016 and includes state-of-the-art buildings in the city centre on Cathedral Street. Both campuses are home to unique features such as an aeroplane cabin, a working ship engine room, a ship simulator (allowing students to experience the bridge of a super tanker) and a renewable energy centre. The project concession runs for 25‐years ending in August 2041.

Priority Schools Midlands Education Funding Agency 140 August 2015

Midlands is one of the five Priority Schools Programmes procured by the UK Government. Equitix were successful in securing two of the five programmes; North West and Midlands. Midlands consists of 8 secondary schools across the West Midlands, Derbyshire and Nottinghamshire areas.

Schools in the Midlands Priority Programme

  • Alfreton Grange Arts College, Derbyshire
  • ARK Kings Academy, Birmingham
  • Greenwood Academy, Birmingham
  • Plantsbrook School, Birmingham
  • President Kennedy School, Coventry
  • The Phoenix Collegiate, Sandwell
  • The Queen Elizabeth Academy, Warwickshire
  • Top Valley Academy, Nottingham

Financial Close was achieved in August 2015.

Construction is programmed to complete in August 2017 and the concession is 25 years. Hard facilities management and life-cycle maintenance services will be delivered by Carillion for £49m over the life of the concession contract.

Barnsley BSF (I, II & III) Barnsley Metropolitan Borough Council 292 March 2015

This project consists a portfolio of three operational Building Schools for the Future (“BSF”) education PFI assets which are all situated within the Metropolitan Borough of Barnsley, South Yorkshire.

The three BSFs were procured in phased stages (I, II & III), with 7 PFI schools delivered across the three phases between July 2009 and October 2010; the Local Education Partnership (“LEP”) within which Equitix holds a 40% interest has also been responsible for delivering several other schools on a Design & Build (“D&B”) basis.

With all assets having been operational since April 2012, the portfolio of Barnsley BSF projects constitute mature, steady yielding PFI assets with a remaining concession life of 21-22 years through to April 2036 – March 2037.

Priority Schools North West Education Funding Agency 110 March 2015

North West is one of the initial five Priority Schools Programmes procured by the UK Government. Equitix were successful in securing two of the five programmes; North West and Midlands.

North West consists of 12 schools (5 secondary and 7 primary) across Lancashire, Merseyside, Greater Manchester and Cheshire.

Financial Close was reached in March 2015, Construction is programmed to complete in August 2017 and the concession is 25 years. Carillion are responsible for Construction and FM services.

Barking & Dagenham BSF London Borough of Barking 33 February 2015

This project consists of the acquisition of an operational Building Schools for the Future (“BSF”) education PFI asset situated within the London Borough of Barking & Dagenham.

The PFI element of the BSF consists of a single asset, Dagenham Park Church of England School. The Local Education Partnership (“LEP”), within which Equitix holds a 40% interest, has also been responsible for delivering several other schools on a Design & Build (“D&B”) basis.

Having been operational since April 2012, the Barking & Dagenham BSF is a mature, steady-yielding asset with a remaining concession life of 22 years through to March 2037.

Newbury College PFI Newbury College Corporation 10 October 2014

Newbury College is one of the early ‘Pathfinder’ PFI education projects that reached FC in 2001 and comprises of a wide array of facilities and resources to assist with the delivery of a variety of training programmes with approximately 1000 courses offered including GCSEs, A Levels, NVQs, Apprenticeships and Foundation Degrees.

This project was acquired as part of a portfolio of three UK PFI and core infrastructure assets that Equitix acquired 100% equity and subordinated debt interests in from London & Regional Properties. The assets that were acquired as part of the portfolio were Howden House, Sheffield City Council Offices PFI; The Copeland Centre, Copeland Borough Council Offices PFI; and Newbury College Pathfinder PFI.

Inverness College Inverness College 44 May 2013

The new College will be the first and largest development at the multi-stakeholder Inverness campus site, which is currently being developed by Highlands and Islands Enterprise on the outskirts of the city. The 13.3 acre development when complete will provide state-of-the-art facilities and modern learning environment for over 8,500 students.

Miller have begun construction on site.

Inverclyde Schools Inverclyde Council 78 January 2012 & March 2013

Equitix acquired 60% of the Inverclyde Schools Project in first quarter 2012, taking on the Miller and Sweet Group stakes and a further 25% stake from Semperian in March 2013. The purchase of Inverclyde Schools is Equitix’s second acquisition in the Scottish market. The project comprises two primary schools and two secondary schools to the West of Glasgow city. The new schools in total accommodate up to 2724 pupils in the Greenock area and have seen the amalgamation of a number of different primary schools and nurseries into two primary schools and four secondary schools into two sites. FES owns the remaining stake in the assets. Construction was completed by Miller and FM is provided by FES FM Limited.

Cambridgeshire BSF Cambridgeshire County Council 33 May 2010

Equitix achieved financial close on the Cambridgeshire BSF programme in May 2010. Building work was completed on Neale-Wade Community College in August 2011 and Thomas Clarkson Community College was completed in January 2012. 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. FM services for both schools are being provided by Mitie with Dell providing ICT services for both schools. 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. 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. Construction work is being carried out by Kier (TCCC) and Galliford Try (N-WCC); FM services for both schools will be provided by Mitie with Dell providing ICT services for both schools.

Essex BSF Essex County Council 71 April 2010

Equitix acquired a stake in the Essex schools project in April 2010 alongside Skanska, RM and Essex County Council. Castle View School (a specialist science college), Cornelius Vermuyden School and Arts College, and Columbus School and College completed construction in April 2012. Skanska have provided design, construction and facilities management services, and RM the ICT solution.

Greenwich BSF London Borough of Greenwich 120 December 2009

Equitix took a 50% stake in Greenwich BSF in June 2009. In partnership with Babcock International, the two schools Crown Woods and Thomas Tallis, reached practical completion in 2012 and have a capital value of approximately £100m.

Pembroke Schools PFI Pembrokeshire County Council 7 October 2009

Equitix acquired a Pembrokeshire primary school in October 2009. Completed in 2001, it was the first PFI primary school to open in Wales. The facility encompasses state of the art accommodation for 500 pupils aged 3-11. An Autistic Unit and playgroup provision are also accommodated. It was awarded “Best Operational Education Project” in 2005 (Public Private Awards)

Derbyshire BSF Derbyshire County Council 35 July 2009

Equitix achieved financial close on the Derbyshire BSF programme in July 2009 and currently has three operational secondary schools: Springwell, Bolsover and Heritage. Building work was completed on the schools and the children moved in, in November 2010. FM services are provided by Mitie and ICT services are provided by Dell.

Financial close has now also been reached for Phase 2 of the BSF programme to rebuild the non-sample schools: Shirebrook Academy, Stubbin Wood and Netherthorpe School. The project will be delivered in partnership with Derbyshire County Council and the Local Education Partnership.

Ealing School PFI London Borough of Ealing 55 December 2008

Equitix acquired a 45% stake in this project in December 2008 and a further 5% stake in October 2011. The project comprises two secondary schools and one primary school in the London Borough of Ealing. Construction was completed in time for the commencement of the academic year in September 2007. Discussions are underway with a view to building a new sixth form block at one of the schools. FM services are provided by Mitie.

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