Leading £270 million funding for Barnsley Local Education Partnership
Nationwide Commercial lead financier on a number of funding packages
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Nationwide Building Society's Commercial division has been the lead financier on a number of funding packages totalling £270 million for the replacement of schools within the Barnsley area.
The Barnsley programme represents the largest capital investment in the borough and is unique in the UK in that it involves the replacement of all of Barnsley's secondary schools with nine new build Advanced Learning Centres (ALC). It will also improve the town's special schools and provide an integrated managed Information Computer Technology service.
The Barnsley programme has been split into three phases of development. The first phase, involving 5 schools is due to become operational throughout 2011. Work has already begun on the final phase involving the Kingstone/Holgate and Foulstone/Wombwell sites and all three ALCs that form part of this phase will be completed in September 2012.
Nationwide Commercial (£91 million) is acting as Global Agent on this programme and is providing the funding alongside Nord LB (£91 million) and the European Investment Bank (£88 million).
Barnsley Local Education Partnership is a Public Private Partnership (PPP). Its private sector partner, Barnsley Partnership for Learning (BP4L), is a joint venture between Laing O'Rourke and John Laing. It is investing in the project alongside the Barnsley Metropolitan Borough Council and Building Schools for the Future Investments (BSFI).
Saul Schneider, Director for Partnerships Solutions, at John Laing, said: "It's really heartening to see that Nationwide Commercial remained open for business even during this tough economic climate. The team at Nationwide clearly understands our aims and objectives as well as the sector in which we operate. Given their professionalism, it was no surprise that the whole process from the initial discussions to financial close was quick and hassle free. We are certainly delighted to have them on board as a partner for this project and look forward to strengthening our relationship in the future."
Bryce Glover, divisional director for Nationwide Commercial, said: "This is a very worthwhile project and one with which Nationwide Commercial is proud to be associated. Given the Society's history and expertise in providing funding for these types of deals, this project further demonstrates that Nationwide Commercial is open to providing tailored financial solutions that meet the needs of our customers."
Notes to editors:
About Nationwide Commercial
A leading lender in the UK commercial property market with a loan book in excess of £22 billion.
Transactions range from £1 million up to £50 million although larger facilities can be arranged on a club basis.
Customers range from housing associations to private property investors to institutional funds and specialist property firms to major public limited companies.
Nationwide has committed over £2 billion to the UK PFI/PPP sector to over 80 separate projects including the first affordable housing PFI.
Leading player in UK Social Infrastructure projects (ranked 2nd in the Infrastructure Journal 2009 League Table for Mandated Lead Arrangers).
Nationwide Commercial is a leading lender to affordable housing providers becoming the first to commit over £9 billion to the sector.