A consortium including Aviva Investors has financed the construction of 19 schools in the UK, through the government’s Priority Schools Building Programme (PSBP).

The second phase of the programme, announced today, will fund the £144m development of seven secondary schools in Hertfordshire, Luton and Reading.

This week, Aviva Investors announced it had provided £50m senior secured debt to the first phase, which will construct six secondary schools and six primary schools in the North East of England.

The European Investment Bank is also providing senior debt.

The consortium includes London-listed infrastructure fund International Public Partnerships (INPP), which is advised by Amber Infrastructure Group.

The schools are being financing through the consortium’s Aggregator vehicle, which is warehousing loans and aggregating total financing requirements for 46 schools in need of renovation.

The programme has been split into five batches, worth around £700m.

INPP will provide around £60m for the final three batches this year.