DLA Piper acts in higher-ed construction finance deal
DLA Piper Ireland has advised a consortium of lenders on the design, construction financing and maintenance of five new buildings at higher education campuses across Ireland.
The consortium is composed of Allied Irish Banks, the Bank of Ireland, the European Investment Bank (EIB) and Rabobank on the financing of a 25-year Higher Education Public Private Partnership (PPP) contract worth approximately €380 million with developer Invesis.
The project is a milestone in Ireland’s Higher Education Public Private Partnership (PPP) programme and signals significant investment in facilities in the Atlantic Technological University (ATU) Galway and Letterkenny campuses, South East Technological University (SETU) Waterford and Carlow campuses, and in the Technological University of the Shannon (TUS) Limerick campus.
Completions expected during 2027 and 2028
Construction on all facilities in this project is now underway, with completions expected during 2027 and 2028.
DLA Piper Ireland’s finance team, led by partner Elizabeth Bradley, and DLA Piper Britain's projects team, led by partner Liam Cowell, together acted as legal counsel to the lenders.
The multi-jurisdictional team worked on development of a complex suite of finance documents addressing the bespoke requirements of each of the four lenders.
It also reviewed and negotiated the project documents with Invesis and the National Development Finance Agency, who are responsible for the procurement of this PPP project on behalf of the Department of Further and Higher Education, Research, Innovation and Science.
Jim Arigho of AIB added: “This project will enhance learning environments for thousands of students across the country, and we are pleased to be playing our part in fostering economic, social and educational progress.”