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Financial Close for East Down and Lisburn Institutes PPP Project

The East Down and Lisburn Institutes of Further and Higher Education PPP Project in Northern Ireland reached financial close in April 2008. The project involved the design, build, financing and operation of four new college campuses in County Down and County Antrim for a period of 25 years.

The aim of the project is to replace or repair existing accommodation, which fails to meet modern requirements. New accommodation will also be provided at the East Down and Lisburn Institute (with campuses at Downpatrick, Newcastle and Ballynahinch) and Lisburn.

Operis reviewed the two financial models, providing an opinion to the sponsors, lenders and the procuring authority. Bank of Ireland acted as mandated lead advisor for the deal, providing £55m of senior debt. The East Down and Lisburn Education Partnership (EDLEP) consortium included Bilfinger Berger, building contractors O’Hare & McGovern and Farrans & Graham Facilities Management.

25 April, 2008