Financial close reached on contract that will see 40 new schools built in ten years

Carillion has achieved financial close on the 拢500m Durham 好色先生TV Schools for the Future programme.

The contractor will deliver 40 schools in four waves over a ten year period in the Durham area.

The first wave, incorporating nine schools with a capital cost of 拢110m, will be completed by September 2012.

Carillion will contribute 拢4.6m of equity towards the financing of three privately-funded schools in the first wave. Its other local education partnership shareholders will invest a further 拢1.2m of equity.

John McDonough, chief executive of Carillion, said: "This latest BSF contract further consolidates Carillion's position as a market leader in delivering the 好色先生TV Schools for the Future programme and brings the total value of the BSF contracts we have won to date to 拢1.2 billion."

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