LAWFUEL – Press Release Service – Allen & Overy today confirmed that financial close had occurred in relation to the Bristol Building Schools for the Future scheme, on which it advised the preferred bidder, Skanska Education Partnerships.
The Bristol scheme is the first scheme to close under the UK Government’s Building Schools for the Future programme announced in 2004 and will involve the provision of new schools and ICT to Bristol City Council. Unlike in traditional PFI projects, Skanska Education Partnerships has also entered into a strategic partnering agreement with Bristol City Council, through which in the future proposals for the construction, operation and/or maintenance of additional schools will be developed and delivered.
“BSF has introduced new concepts and challenges to a very mature sector and this has required all parties to spend significant time on contractual structures and risk analysis, particularly in relation to ICT and the way in which its delivery interfaces with the construction and operation of the PFI schools. It can only be hoped that the rest of the market will benefit from the Bristol experience so as to reduce time spent debating the same issues,” said Andrew Fraiser, partner in Allen & Overy’s Global Infrastructure Group.
Allen & Overy is also acting for the preferred bidders on the Bradford and Lancashire BSF schemes, both scheduled to close later this year.
The Allen & Overy team was led by partner Andrew Fraiser, assisted by construction partner Nigel Pritchard and associates Tim Conduit, Graeme Ferguson, Chloe Dexter and Rachel Townend.