Ashurst has advised the Education Funding Agency (EFA), an executive agency of the Department for Education (DfE), on the £111 million financing of the North West Batch of the U.K. Government's Priority School Building Programme (PSBP), which reached financial close on 25 March 2015.

The successful bidder's consortium company, PSBP NW ProjectCo Ltd., is owned by Equitix (45%), Community Solutions for Education Ltd. (Morgan Sindall) (45%) and an investment unit of Her Majesty's Treasury (10%). It has entered into a project agreement with the Secretary of State for Education to design, construct, and operate five secondary schools and seven primary schools in the northwest of England.

Ashurst also recently advised on the £134 million financing of the Herts, Luton and Reading Batch of the U.K. Government's Priority School Building Programme (PSBP), which reached financial close on 19 March 2015.

The successful bidder's consortium company, HLR Schools Ltd., is owned by Interserve Investments Ltd. (45%), Kajima Partnerships Ltd. (45%) and IUK Investments Ltd., an investment unit of Her Majesty's Treasury (10%). It has entered into a project agreement with the Secretary of State for Education to design, construct, and operate seven secondary schools North and West of London.

Both projects are financed by an on-loan agreement with an aggregator finance vehicle and a combination of subordinated debt and equity from shareholders with debt provided to the finance aggregator vehicle by Aviva Annuity UK Ltd., International Public Partnerships Ltd. (INPP), and the European Investment Bank (EIB).

The Ashurst team across the two projects was led by partners Philip Vernon and Patrick Boyle, with support from counsels David Cave, Jonathan Hoare and Jane Staveley, senior associates Laura Green, Jonathan Turner, Karen Braakman, Claire Edwards, David Hartley, David Razzell, and associates Luke Jennison, Sam Outtridge, Will Glover and Yolanda Yong, assisted by Emily Yamahiro, Luiza Wojciszke, Jack Mendelssohn and Helen Raynsford.

Commenting on the deal, Philip Vernon said:

"We are delighted to continue to be part of this exciting and innovative programme and have greatly enjoyed working with the EFA to secure the funding necessary for the development of these two further batches under the Priority School Building Programme."