Project background

The portfolio comprised nine operational education facilities delivered through the Building Schools for the Future (BSF) programme, including secondary schools, special educational needs facilities and further education assets. Operating under long-term concession agreements, the projects represented an established portfolio of social infrastructure assets with stable, long-term cash flows.

The transaction was undertaken to a demanding timetable and required the review of multiple projects simultaneously during the competitive acquisition process. The scale of the portfolio and compressed timeframe required efficient and focused financial analysis across all nine projects.

Our role

Amberside Advisors provided financial due diligence of project documents and the assets financial models to support InfraRed's investment decision-making process.

Our work included:

• Reviewing financial models and key commercial assumptions across the portfolio.

• Analysing forecast project performance against historic operating results.

• Assessing cash flow, working capital and lifecycle expenditure assumptions.

• Identifying potential risks and opportunities that could impact future value.

• Supporting the client's evaluation of distribution and cash extraction scenarios.

Through our analysis, we helped the client gain a clear understanding of the financial position of each asset and highlighted value areas requiring further investigation during the transaction process.

Value delivered

Leveraging our extensive PPP and PFI experience, Amberside Advisors was able to work efficiently and effectively, which was key given the timetable and scale of the portfolio. Our team rapidly reviewed and assessed multiple projects, identifying key financial considerations and providing clear, actionable advice to support the client's acquisition strategy.

Having worked on over 66% of UK PFI projects across most sectors, Amberside Advisors has a unique perspective and deep experience in PFI modelling, financial due diligence and asset management support. This expertise enables us to help investors, asset owners and lenders understand project risks, identify value opportunities and make informed investment decisions throughout the lifecycle of infrastructure assets.

For more information on Amberside Advisors' PPP/PFI modelling and financial due diligence services, please contact Alan Samuels or Paul Austin.