Nova Scotia buys schools of P3 contract
The Nova Scotia government, in Canada, is planning to acquire two P3 schools from Nova Learning.
These two school projects involve O'Connell Drive Elementary School in Porters Lake and Riverside Education Centre in Milford, whose respective lease contract expire in July 2018.
Nova Learning is the developer of nine Public-Private Partnership (P3) schools that are leased to the Province of Nova Scotia under long term leases.
According to the Education and Early Childhood Development Minister Karen Casey, the decision will save the province about CAD20 million (US$15,2 milion).
The transaction value for the two projects will be:
- CAD3.95 million for O'Connell Drive Elementary School and
- CAD8.95 million for Riverside Education Centre.
There are seven other Nova Learning schools with decision notice dates pending. These dates range from July 2017 to August 2018.
There are a total of 39 P3 schools in the province whose contracts were signed in 1999 when the government was not capable to finance the construction of new schools. The developers then leased the schools to the province.
According to sources, negotiations are ongoing with the developers for the remaining schools.
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