1 Jun 2009 07:00
INTERSERVE REACHES FINANCIAL CLOSE ON TWO NORTHERN IRELAND EDUCATION PPP
PROJECTS
Interserve, in consortium with partner O'Hare & McGovern, has reached financial close on two PPP contracts, together worth £80 million in construction and facilities management revenue. The Down & Connor and De La Salle Schools projects involve the design, build, operation and maintenance of four schools in Northern Ireland.
The Down & Connor project is for St MacNissi's Educational Trust and covers three schools:
* St Joseph's Primary School in Carryduff, for 435 pupils aged 5-11 and with
52 part-time nursery places;
* St Mary's Primary School, Portglenone, for 205 pupils aged 5-11 and with 27
part-time nursery places; and
* Our Lady and St Patrick's College, Knock, a Voluntary Grammar school for
1,260 pupils aged 11-18.
The fourth school, St Patrick's Grammar School, Downpatrick, will cater for 665 pupils aged 11-18. The contract is being undertaken on behalf of the Trustees of the De La Salle Congregation.
O'Hare & McGovern will now begin construction, which will be staggered over two years. Once the schools are open Interserve will deliver facilities management services valued at an estimated £22 million in Down & Connor and £12 million in De La Salle over a period of 25 years. These services will include security, waste management, porterage, site maintenance and energy management.
Interserve will invest approximately £2 million and £1 million in the two projects respectively, representing 50 per cent of the equity and subordinated debt.
"We are looking forward to delivering services to the local communities who will benefit from these new schools," said Adrian Ringrose, Interserve's Chief Executive. "These are Interserve's sixth and seventh educational PPPs in Northern Ireland and, together with the Enniskillen Hospital project in the south-west of the province on which we reached financial close recently, they underline both the continuing importance of the PPP model as a means of delivering social infrastructure and our commitment to providing modern, effective facilities for the people of Northern Ireland."
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For further information please contact:
Giles Scott 0118 960 2307 Head of Corporate Communications Elizabeth Morley / Tom Roberts 020 7379 5151 Maitland Editors' note
In each of its educational PFI/PPP contracts in Northern Ireland Interserve provides facilities management services following construction by its partner, O'Hare & McGovern. The projects are:
St Genevieve's School, Belfast operational Omagh College, Omagh operational East Tyrone College, Dungannon operational Holy Cross College, Strabane operational St Mary's & St Cecilia's Colleges, Derry construction Down & Connor construction De La Salle Schools construction About Interserve
Interserve's vision is to be the Trusted Partner of all our stakeholders. We are a services, maintenance and building group operating in the public and private sectors in the UK and internationally. We offer advice, design, construction and facilities management services for society's infrastructure and provide a range of plant and equipment in specialist fields. Interserve is based in the UK and is a FTSE 250 company. It has revenue of £1.8 billion and a workforce of 50,000 people worldwide. Website: www.interserve.com.
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