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Artist’s impression of the proposed new high school in Wick, Scotland

Aviva closes PPP projects worth £150m

Aviva Commercial Finance has reached financial close on three public private partnership (PPP) projects, totalling over £150 mill

Posted by Dave Higgitt | January 09, 2015 | People, policy, politics, money

In the first, Aviva provided a 25-year, £67 million loan to Riverside Care and Support Ltd to construct 316 extra care apartments at three city locations, for Hull City Council’s PFI Project. The facilities will provide care for some of Hull’s more vulnerable adults, including older people, working age people with disabilities/mental health problems and people with dementia. 

The second is the provision of £48 million to hub North Scotland (Wick) Ltd for the development of a new high school with community facilities, and a primary school wing in Wick, Northern Scotland for The Highland Council. The development will be carried out by Galliford Try Building Ltd and the new high school is scheduled to open in September 2016. 

The final deal is a 26-year, £39 million loan to hub East Central to build a new school in Levenmouth, Scotland. This will accommodate 1,800 pupils from the school catchments of Buckhaven High School and Kirkland High School. Enabling works started in February 2014 and the school is scheduled to open in August 2016. 

Barry Fowler, managing director of Aviva Commercial Finance, said: “We’re delighted to have successfully funded so many PPP projects last year; these are three strong additions to our growing portfolio. We have a strong appetite for providing long term, fixed rate debt across a number of sectors, and these schemes represents a good long term investment for us and our customers. 

“We’re particularly pleased that we’ve been able to finance our second social housing project in 2014 and to strengthen our relationship with the Scottish hub projects. Aviva is committed to supporting local communities and infrastructure and these projects are great examples of this.” 

Aviva completed six additional commercial real estate financing deals totalling over £230 million in December, taking the total gross lending in 2014 to over £1 billion.

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