(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), announces it has completed an investment which will see it provide all senior debt financing towards the construction of the first school as part of the Welsh 21st Century Schools and Colleges Programme.
The investment has been made by Aviva Investors on behalf of Aviva UK Life’s annuity business.
The development of the Mynydd Isa campus in Flintshire is the first of its kind for a school in Wales under the country’s Mutual Investment Model, as well as being just the second confirmed PPP transaction in the country. The campus will be an all-through school, providing both primary and secondary education for its pupils and is expected to be operational from Autumn 2024.
The project is expected to have a heavy focus on sustainability, with the aim of delivering a net zero carbon building. Both the construction and operational phases of work will also prioritise benefits and opportunities for the local community, with apprenticeships being provided to a number of young people as part of the programme.
Darryl Murphy, Managing Director, Infrastructure, at Aviva Investors, said:
“We are delighted to complete this investment on a social infrastructure project which we think carries a great deal of importance – not only in providing improved access to first-class education facilities, but that also incorporates a great deal of sustainability-led thinking in its construction. Doing so should make it more relevant to the transition towards a low carbon world, future-proofing its design, and lowering the ongoing energy usage and costs involved in running the school.”
Doug Brown, CEO at Aviva UK & Ireland Life, added:
“Schools play a vital part of any local community, and we are thrilled to support the development of the Mynydd Isa campus. Whilst the school itself will provide excellent access to education, it’s terrific to see its social value being increased further through the apprenticeship programme which will be rolled out during construction of the site. We are also very pleased to see our sustainability ambitions reflected in the development and hope this will be a facility which exemplifies our values as a business supporting the UK’s growth and levelling up agenda.”
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Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with £232 billion in assets under management as at 30 June 2022.
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Aviva Investors Global Services Limited
St Helen’s, 1 Undershaft, London, EC3P 3DQ
Issued by Aviva Investors Global Services Limited, registered in England No. 1151805.
Registered Office: St Helen’s, 1 Undershaft, London, EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority and a member of the Investment Association.
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