Global law firm Ashurst has advised a consortium of banks, comprising Allied Irish Banks, The Governor and Company of the Bank of Ireland, The Korea Development Bank, Norddeutsche Landesbank, Girozentrale and the Norinchukin Bank (London branch), on the financing of the design, building, operation and maintenance of the Higher Education PPP Programme Bundle 1 (HEB1) in Ireland - the first financing project for a greenfield infrastructure project to close in Ireland in 2022.
The banks are providing finance to a borrower owned 100% by Macquarie. The €250 million project encompasses the creation of six higher education sites across multiple campuses in the east, south and midlands of Ireland as part of a single PPP contract and the maintenance of these sites for a period of 25 years post-construction. Once operational, the buildings will create more than 38,000 m2 of additional building space at the campuses across Ireland and will cater for over 5,000 student places.
HEB1 is a 27-year education PPP procured by the Minister for Further and Higher Education, Research and Science, with the National Development Finance Agency acting as the State's financial adviser.
The Ashurst team was led by London-based partner Patrick Boyle, assisted by legal consultant Karen Braakman, solicitor Zachary Gordon-Boyd and trainee Caroline Reid for the financial documentation with senior associate Alec Peschlow assisting on the hedging side. Consultant Michael Smith, counsel David Cave, associates Abbi Harvey and Sarah Ryan assisted on the project documents, while solicitor-apprentice Flora Porkolab assisted on the closing process.
