Galliford try reaches financial close on 34m Edinburgh school development
Galliford Try plc, the housebuilding and construction group, has announced that its Scottish business Morrison Construction has reached financial close on a project for the construction and redevelopment of James Gillespie's High School in Edinburgh.
The project cost is estimated at £34 million (US$55.6 million) and it is scheduled for completion in summer 2016. Aviva is providing roughly £30 million in senior debt, with £3 million (€4m US$5m) in sub-debt provided by hub South East Scotland.
The project involves the demolition of the existing school buildings, the construction of a new teaching block as well as brand new sports and performance buildings on the campus over two phases, and the and renovation of the Grade A-listed Bruntsfield House.
Galliford Try's Facilities Management business will provide ongoing hard facilities maintenance and lifecycle management services to the City of Edinburgh Council for the new school in a contract worth approximately a further £10 million (US$16.4 million) over the 25-year concession period.
(€4m US$5m) in sub-debt provided by hub South East Scotland - a project
Greg Fitzgerald, Galliford Try Chief Executive, said:
Our relationship with hub South East Scotland Limited is an important element of our Morrison business in Scotland and we are pleased to be selected for this significant education project for Edinburgh. We will continue to work with our public and private sector colleagues in Scotland to find innovative ways of delivering these projects that are so beneficial for local communities.
In July 2013, Galliford Try plc announced that its Scottish business Morrison Construction had been appointed preferred bidder contractor by hub South East Scotland on behalf of NHS Lothian for the first phase of the £41.8 million redevelopment of the Royal Edinburgh Hospital.
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