HICL acquires interest in Fife Schools project

Infrastructure investment firm HICL has acquired a 30 per cent equity and loan note interest in the Fife Schools 2 project.

The project is a 25-year concession to design, construct, finance and maintain nine primary schools and one special education needs facility, on eight sites in the Fife area of Scotland.

The new schools were built by Miller Construction under a £63.5m fixed-price construction contract between 2005 and 2007 and they currently provide accommodation for 3,200 pupils. The schools have been operational since 2007.

The total consideration paid by the group is £3.9m, which is in line with the current valuations of similar UK private finance initiative (PFI) projects in the group's portfolio.

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

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