UK: Shadbolt Closes Benchmark BSF Scheme For Costain
Last Updated: 3 July 2009

On 23 June Shadbolt has assisted its client, Costain plc, in successfully closing Phase 2 of the Lewisham Building Schools for the Future (BSF) Project where the London Borough of Lewisham worked in partnership with Lewisham Schools for the Future LEP.

The unique feature of this deal is that it is only the second time that Aviva has stepped in to provide Gilt backed finance to a BSF project.

The contract value of the full BSF programme at Lewisham is over £230m and will cover the next 25 years. The BSF programme involves major refurbishment or renewal of 12 secondary schools, including three special educational needs schools.

The Shadbolt team was led by partner Daniel Tain, assisted by Pamela Saulet. Commenting on the deal, Daniel said, "During a difficult period in the financial markets, Aviva have stepped in, creating additional competition and opening up excellent new opportunities to the market for funding BSF projects going forward”.

The closure of this project follows on from Shadbolt’s involvement in other BSF schemes including Bradford, Ealing, Rochdale, Tower Hamlets and Southwark.

Notes to editors:

Norton Rose (Andrew Buisson) acted for Lewisham Borough Council, Pinsent Masons (Kate Orviss) acted for the SPV, which comprised of VT Group and Costain and Bevan Brittan acted for the funder, Aviva.

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