Group is already principal supply chain partner but will be manager and co-owner of local education partnership after £4.2m purchase
Kier Group has paid £4.2m for Telereal Trillium’s 64% stake in Kent’s first Building Schools for the Future local education partnership.
The investment includes a 71.8% interest in PFI projects.
Kier is already principal construction supply chain partner on the LEP, and is on site on the first phase of the schools. It will now assume the role of manager and co-owner.
The LEP was established in 2008 to provide 34 secondary schools in Kent in three phases through the PFI. The first phase of the scheme includes an existing PFI project with an equity stake of £6.7m, to which Kier is now committed.
£2m of the cash is conditional on the funding being approved for the second wave of schools.