Financing · Project Example
|Client||Irish Department of Education|
|Capital expenditure||EUR 72.6 million|
|Contract volume||EUR 228.3 million|
|Contract period||25 years (2007 - 2032)|
|Shareholders||HOCHTIEF PPP Schools Capital Ltd. (50%), New Schools Investment Company (IRL) Ltd. (50%)|
In 2005, HOCHTIEF PPP Solutions (Ireland) Ltd., a subsidiary of HOCHTIEF Solutions, and Barclays Private Equity Ltd. entered into a contract to finance, build and operate the Cork School of Music on the basis of a public-private partnership (PPP) contract. The Cork School of Music is sited on the grounds of the old school and was one of the first pilots PPP schools projects undertaken by the Irish Government.
It features, among others, an auditorium for 500 people, a recording studio and a library with reading rooms. The facilities on the ground floor are also accessible to the public. This includes a theater hall for events, a café, a professional music store and an information office. The glazed atrium provides natural lighting and a noiseless ventilation system distributes fresh air around the building. Among others, the project delivered 57 Steinway grand pianos.
HOCHTIEF acted as the main lead on this project acting in a dual role capacity, firstly as representative of the SPV company and secondly as the main liaison with the Department of Education and Science (DOES) and the Cork Institute of Technology (CIT) working up the final design solution which reflected the Authority and Schools aspirations. As the main developer HOCHTIEF also project managed the construction delivery.
HOCHTIEF PPP Solutions GmbH
45133 Essen • Germany
Tel: +49 201 824-1273
Fax.: +49 201 824-2030
HOCHTIEF PPP Solutions (UK) and (IRL) Ltd.
Kingsley Hall 20 Bailey Lane
M90 4AN Manchester • Great Britain
Tel: +44 161 498-1210
Fax.: +44 161 498-1223