Costain Secures Financial Close On BSF Contract

5 January 2011

Costain has been appointed by Lewisham Council to rebuild four more schools at a total value of £71 million after financial close was reached on the fourth phase of its Building Schools for the Future (‘BSF’) project.

Work will shortly begin on building a brand new special school for pupils with autistic spectrum disorder (ASD), Prendergast Vale College, a new all-age school, and the rebuilding of two secondary schools, Bonus Pastor Catholic College and Prendergast Hilly Fields College.
Three of the schools (Bonus Pastor Catholic College, Prendergast Vale College and the new ASD school), with a total capital expenditure of £53 million, will be delivered under a Private Finance Initiative (PFI) package, giving significant financial benefits to the Council.
The PFI will be delivered by Learning21, a consortium that includes Costain Engineering & Construction and Babcock International.  The design and construction of the schools is being undertaken by Costain, while the facilities and ICT services will be provided by Babcock.
The fourth school, Prendergast Hilly Fields College, will be delivered through a £18 million design and build contract with Costain.

Each school will have the very latest in information and communication technology (ICT) and fully integrated facilities management services. All work is due for completion by September 2013.

Commenting on the award, Andrew Wyllie, the Chief Executive of Costain, said:

"Costain is delighted to have reached financial close on the fourth phase of its BSF partnership with the London Borough of Lewisham, and to be part of the on-going delivery of quality education services to the young people of Lewisham."