Durham schools portfolio refinanced

Durham Building Schools for the Future has been refinanced in conjunction with the transition of the scheme’s facilities management services following the collapse of Carillion in January.

Infrastructure investors International Public Partnerships (INPP) and Aviva Investors completed the refinancing of the portfolio to take advantage of the improved lending margins in the current debt market.

According to INPP, a “significant financial benefit” was delivered to Durham County Council through the refinancing, helping it achieve “significant value for money from the project”.

“As a responsible, long-term investor in UK public infrastructure, we actively seek opportunities under our contracts to share savings with our public-sector clients that become available from improved financing terms,” said INPP chairman Rupert Dorey.

The schools’ facilities management contract was also successfully transferred following the collapse of Carillion and Amber Infrastructure, INPP’s investment advisor, maintained full asset availability across the portfolio of schools in the immediate aftermath of Carillion’s collapse.