BNZ funds third education Public Private Partnership
17 May 2017
BNZ is the sole bank funding this transaction for the successful bidder, ShapEd consortium, which will design and construct the schools, and maintain them for 25 years following.
The schools will be designed and built by CIMIC Group construction company CPB Contractors and Southbase Construction Ltd, and managed by Spotless Facility Services (NZ) Limited. Morrison & Co PPP GP II Ltd and CIMIC Group company Pacific Partnerships are Sponsors and equity providers.
BNZ Head of Institutional Banking, Paul Blair says this transaction is another example of the success of PPPs as an alternative procurement methodology in NZ which can accelerate the delivery of critical pieces of national infrastructure.
“From our position we can see how a PPP can work as a real solution to address very real needs – and we are delighted to be a part of it. We expect our leading capability in infrastructure and project finance to be a key tool for fiscally constrained governments as they balance the huge and competing demands for investment. When you consider that this could include anything from the Christchurch and Kaikoura rebuild, to social and affordable housing to growing cities such as Auckland, to emerging needs in regional tourism and water infrastructure, it suddenly becomes very clear the vital role that banks play.”
More information regarding the schools
The three primary schools are:
- Kumeu/Huapai Primary School, in Auckland
- Flat Bush South East Primary School, in Auckland
- Sylvester Primary School, in Hamilton.
The two relocated secondary schools are:
- Shirley Boys’ High School
- Avonside Girls’ High School
Both of these schools will be positioned on a co-located site in Christchurch.