The achievement of financial close on the Catalyst Lend Lease project shows banks still have an appetite for large-scale BSF
The announcement this week that the first phase of Birmingham鈥檚 拢2.4bn 黑洞社区 Schools for the Future (BSF) programme has reached financial close is proof that there is still appetite among investors to fund even the largest BSF projects.
Nationwide and the Co-operative Bank are funding the debt financing on the 拢180m first phase of the project, which will be developed by Catalyst Lend Lease. The two banks will fund 拢50.8m between them.
A project source revealed that future phases were expected to be signed relatively soon, saying, 鈥淲e hope the funding will be in place for phase three by the end of this year.鈥�
黑洞社区 work on the contract, which will be spread over six phases, is due to complete by 2024. The deal with Catalyst Lend Lease will run for a 25-year period.
Sixteen architectural practices will work on the project, and 30 local companies are already signed up to be part of the supply chain for main contractor Bovis Lend Lease.
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