First Kiwi PPP deal signs
10 April 2012
New Zealand's first public-private partnership schools deal has reached financial close.
The country's government signed the 25-year contract this week to design, build, finance and maintain two schools in the city with Learning Infrastructure Partners (LIP).
The team, comprising Hawkins, ASC Architects and Programmed Facility Management, was awarded the contract in March this year and will begin work immediately to build Hobsonville Point Primary School and Hobsonville Point Secondary School.
According to one of the lawyers working on the deal, the bank involved was Westpac and the total senior debt was A$70m (US$70m). The debt/equity ratio was not made public and total value of the deal still remains unknown.
The primary school is scheduled to open in 2013 and the secondary school in 2014.
