Bilfinger buys out PFI partner

Bilfinger Berger, the company leading the consortium installing Edinburgh’s controversial trams, has bought out its remaining partner in the Scottish Borders schools PFI project.

The infrastructure giant said it had acquired Graham Investment Projects’ 25 per cent stake for £2.8 million in cash.

Joint chief executive of Bilfinger Frank Schramm said “The consideration paid for the project is in line with the current valuation of similar UK PFI projects in the group’s portfolio.

“All the projects in Bilfinger’s portfolio are supported by contracted, government-backed revenue streams, with inflation protection characteristics.”

The Borders project is a £60m public-private partnership responsible for building three high schools, in Berwickshire, Earlston and Eyemouth.