TESA Education – a consortium made up of DIF Capital Partners, Tetris Capital, Sarah Construction and ISS Facility Services – has been awarded a 30-year Australian schools project worth A$469.4m (€291m).

Announcing the deal, DIF said the consortium has reached financial close on the South Australian PPP Schools project, which involves the design, build, finance and maintenance of two new schools in Aldinga and Angle Vale in Adelaide.

According to the South Australian government, the net present cost of the total project over 30 years is A$469.4m, including the construction component of A$233.8m over 2 years.

DIF, which is investing through its Infrastructure V fund, said design and construction works will be undertaken by Sarah Construction and the facilities will be maintained by ISS Facility Services.

Both schools are expected to open before the start of the 2022 academic year.

Marko Kremer, Partner and DIF’s head of Australasia said: “DIF is excited to invest in this new schools project, which will provide modern educational facilities in fast-growing regions of the South Australian community and thereby contribute to the socio-economic development of the region.”