Forfar Community Campus hub Project
QMPF advised hub East Central Scotland (“hubco”) on the Forfar Community Campus hub project. The SPV consists of Amber Blue (a consortium of Robertson Capital Projects, Amber Infrastructure Limited and Forth Holdings Limited), Scottish Futures Trust and Angus Council. The new secondary school will serve approximately 1,300 pupils and incorporates substantial community sports facilities comprising a swimming pool, sports hall, dance studio, all weather pitches and grass pitches. Work began on site prior to financial close with the new facilities due to open in February 2017.The senior funding of c.£35m is being provided by Aviva Commercial Finance with subordinated debt from hubco of c. £3.5m.
QMPF provided financial advice to the consortium, with CMS Cameron McKenna providing legal advice. Our role included creation of financial models for the Stage 1 affordability analysis and subsequent Stage 2 submission required by all Scottish Government revenue funded projects. Following Stage 2 approval, we continued to develop the financial model as costs and timings fluctuated until financial close, particularly issues associated with the consequences of the new ESA10 accounting legislation. QMPF also assisted CMS with the review and negotiation of the project documents and liaised directly with the model audit provider and Aviva Commercial Finance.
Gary Bushnell, Chief Executive of hub East Central said: “We are delighted to have reached financial close – our second DBFM project and also our second with QMPF as financial adviser to hub East Central. Once again their expertise in modelling PPP projects, combined with a wider knowledge of the funding markets, enabled QMPF to provide vital proactive and commercially sound advice throughout the development of the project. As the issues with ESA10 emerged, QMPF were on hand to analyse and assist the project sponsors, with the resultant successful close. We look forward to working with the team on future projects.”
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