FC for Prince George’s schools

Full details on financial close for the first schools scheme to be delivered under a P3 model in the US.

Prince George’s County Public Schools has signed the deal with the Prince George’s County Education and Community Partners (PGCECP) consortium, comprising Fengate Asset Management, Gilbane Development Company, Gilbane Building Company, Stantec and Honeywell.

Debt on the deal is provided by MetLife, Barings, Canada Life, Legal & General and Northwestern Mutual. Moody's rated the debt in December last year.

Under the agreement, the private partner will build six new schools by July 2023, supporting around 8,000 students across the county.

Named the Blueprint Schools initiative, the project is expected to generate $174m in savings through deferred maintenance and construction costs.

“Without this agreement in place, it would take more than 15 years for these schools to get funded and built,” said Bob Hunt, managing director of public institutions at JLL, which served as the technical and financial advisor to the schools authority.