FC for first MIM school

The first school project to be delivered under the Welsh government’s mutual investment model (MIM) has reached financial close.

The £34m Flintshire all-through campus school is being delivered by the Welsh Education Partnership company (WEPCo): a joint venture comprising the Welsh government and private partner Meridiam.

Debt on the deal will be provided by Aviva, with Robertson providing construction and facilities management services on the project. 

Under the agreement, the WEPCo will deliver the 1,300-place Net Zero carbon school, representing the first in the pipeline of schools projects being developed and delivered by the partnership.

A stand-alone project company separate to the WEPCo will be established for the project, to ensure that the scheme complies with Eurostat rules around off balance sheet treatment.

Planning permission for the school was granted back in January this year and while it had been hoped financial close could be achieved by the summer, the volatile market conditions had made it harder to sign off on the deal.

Bevan Brittan provided legal advice to the public sector, while CMS advised the WEPCo and Pinsent Masons supported Aviva.