Construction work on Camden Council’s £75 million BSF schools project will commence this month with the first new school opening in June 2012.
BAM has confirmed today that it has reached ‘financial close’ on the deal which will be sponsored by BAM PPP, built by BAM Construction, and later, the facilities will be managed by BAM FM throughout the 25 year operational concession period. RM Education is providing technology services to the schools and the debt is being provided by Aviva through long term gilts.
A new partnership company has been formed between Camden Council and BAM to provide: - a new PFI Academy sponsored by the University College London,
- a new PFI all-through special educational needs school for children aged between 3-19 years, and
- a part new-build/part refurbishment of the existing South Camden Community Secondary School.
The 3 schools are all of distinct design and respond to each school’s educational needs and characteristics. Bill Harkins, Projects Director BAM PPP, said: ‘Everyone at BAM is delighted to have reached this major milestone for the project. This has formalised our strong partnership with the London Borough of Camden Council and RM Education and means we can get on with the building of these high profile schools in Camden. Beyond this we are very much looking forward to the opportunity to work with the Council to identify any future schools projects in Camden which could be delivered through the partnership company.’