HICL closes stake in Scottish schools PPP

HICL completed the 30% acquisition this week in the Fife Schools 2 PPP project for approximately £3.9m, which is in line with the current valuations of similar UK PFI projects in the company’s portfolio.

The schools project is a 25-year concession for the design, construct, finance and maintenance of nine primary schools as well as one special education facility across eight sites in Fife.

Miller Construction built the schools in 2007 under a fixed price construction contract, and currently, the schools accommodate in excess of 3,000 students.

The acquisition was funded from the group’s existing cash and debt resources.