Skanska reaches Financial Close on the Essex Building Schools for the Future

Skanska and its partner, RM plc, today announce that they have reached Financial Close for the financing, design, construction and operation of three schools in Essex as part of the Government’s Building Schools for the Future Programme (BSF). This follows the Preferred Bidder announcement in February this year. The client for the scheme is Essex County Council.

Under the contract, Skanska will develop, construct and maintain three new PFI Schools, which includes two secondary schools and a special school and college. In addition, Skanska will extend an existing special school. In total, these schools will provide education facilities for around 5,000 pupils.

Skanska Infrastructure Development is investing approximately £5.1 million, which corresponds to an 80 percent share in the project company.

Skanska UK’s construction contract is valued at around £71 million, which will be included in order bookings for the second quarter of 2010