Presentation for LFPH AG September 18th 2018
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Presentation for LFPH AG September 18th 2018
• Status on fund - Prins Henriks Skoles Ejendomsfond
• Budget and funding – New Prins Henriks Skole
• Status on the NPHS building project
• Preliminary sketches of the new school will be presented at the meeting Ejendomsselskabet
Den Franske Skole
• Project organization, process, communication and main schedule
• N
Master plan Rolighedsvej
The area dedicated
for the sports faclities
The area dedicated
for the new school
Room program diagram of new LFPH
Status on fund - Prins Henriks Skoles Ejendomsfond
• The purpose of establishing the fund
• The most adequate legal construction
• Contrary to the present structure a fund is able to grant all profit to the School
• Condition for donors to contribute
• A tax saving of DKK 38.000.000 on sale of the Værnedamsvej buildings is essential
to the project
• The fund – Prins Henriks Skoles Ejendomsfond (PHSE)
• The primary aim of the fund is to build and maintain adequate education facilities
for LFPH, secondly to support children and the schools activities
• All shareholders, except LFPH, have been asked to donate their shares to the fund
• LFPH must sell it’s shares – an evaluer will evaluate the market price of the shares
• LFPH AG (in October) must decide on selling the shares
• Governance
• LFPH board appoints 4 members (2/3) of the PHSE Board
• The members must be appointed in respect of the arms lenght principles for funds
• The donors will appoint 2 members
Budget for the new Prins Henrik School (NPHS) • The budget for the NPHS has been adjusted to DKK 395.628.000 (land included) based on an evaluation of price development since recent projects • The initial budget was based on advise from Henning Larsen Architects based on an analysis of the price for construction of schools • The increase of the budget from DKK 347.300.000 relates to reserves (DKK 30.000.000) to create a buffer, should construction market prizes increase, and developer costs (advisors, parking, insurances, own cost etc.) Prize/sqm for other school projects (exclusive owners costs) DKK Ny Islands Brygge Skole 23.990 CIS Nordhavn 25.057 New Prins Henrik School (owners cost and reserves not included) 23.988
Project cost New Prins Henrik School budget Advisors (Architect, Engineer, Management Contractor) 48.878.000 Building/constructions cost 219.900.000 Owners other 16.350.000 Security buffer 30.000.000 In total 315.128.000 Cost of land 80.500.000 Project cost in total inclusive land 395.628.000 Prerequisites – sqm for 1.200 pupils Demolishing sqm 3.300 Renovating sqm 1.400 New building sqm 9.800 New school in total 11.200 Landscape sqm 3.500
Financing
• Donations
• EURO 1,5 million/DKK 11.350.000 has been donated to the project
• Meetings with 2 major funds with the participation of the ambassador planned for
September
• TOTAL will host ‘donation’ dinner for large french companies (September)
• Bank/realkredit
• Positive dialogue with bank/mortgage institute on building credit and loan
• Loan agreement with bank/mortgage institute will be concluded at market terms
• Further donations needed for establishing sports facilities
Financing DKK
Profit to fund on sale of Værnedamsvej buildings 190.000.000
Donations by end of August 2018 11.350.000
Expected morgage loan 196.000.000
Expected financing in total 397.350.000
LFPH and PHSE running cost (1)
• LFPH
• LFPH budget based on current pupil numbers (927) and a yearly increase of 1% pr.
year
• School fees maintained at present level apart from an increase of 2 %/year of both
current costs and school fees
• A yearly rent of DKK 10.500.000 plus VAT is affordable
• Rented sports facilities
(there will be no rent,
but operation cost, if the
sports facilities is
funded)
• LFPH accountant and
intendance are
reviewing and detailing
numbers
Historical data - number of pupils per year
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CAGR
# of pupils 567 623 643 698 729 762 769 761 801 830 851 850 886 927 3,9%
Variation 9,9% 3,2% 8,6% 4,4% 4,5% 0,9% -1,0% 5,3% 3,6% 2,5% -0,1% 4,2% 4,6%
LFPH and PHSE running cost (2)
PHSE
Revenue (as fund) on sale of Værnedamsvej 190.000.000
Actual donations 11.350.000
Loans * up to 194.650.000
Financial sources in total 397.350.000
* Half 30 year loan with grace period of 10 years (3,25%)
Half 30 year loan (3,25%)
• Lease contract between LFPH and PHSE on the new premises
• 30 years
• Must define responsabilities (internal/external maintenance etc.)
Project plan and process
• Considerations on time schedule/project plan
• Pupil numbers are growing (need for more space and better facilities)
• The project needs an optimal timeschedule/project plan incl. time buffer in order
to be realized
• The potential buyer of the Værnedamsvej buildings must take over the buildings no
later than July 1th 2022
• In order to hand over the Værnedamsvej buildings to the buyer on time the new
school must be ready in due time, thus the preliminary design and work of the new
building has begun in August 2018.
• The zone plan processes for Værnedamsvej and Rolighedsvej will be performed in a
close dialoque with Frederiksberg Kommune
• The zone plan process is expected to end in November 2019
Payment plan
• Phase one (until December 31th) – DKK 10.000.000
• Design activities - architect/engineer/contractor etc.
• Financed by bank building credit at market terms and below 3,25%
• The credit can be converted into a mortgage loan honored within the EDFS budget
without influence on the rent – terms will be negotiated
• Phase two (Jan. 2019 until Nov. 2019) – DKK 15.000.000
• Detailed Design - architect/engineer/contractor etc.
• Financed by bank building credit at market terms
• The credit can be converted into a mortgage loan which must be honored by a rent
increase at DKK 800.000/year.
• Phase three (Nov. 2019 until Dec. 2021) DKK 371.850.000
• Construction
• Financed by bank credit and donations and the revenue of the sale of the
Værnedamsvej buildings
• The bank building credit will be converted into a mortgage loan when the buildings
are ready to move in to.Status on the NPHS • The masterplan for the area has been adopted by Frederiksberg Kommune • The room program for the NPHS has been adopted by LFPH • The architects are working on preparing input for the ‘start document’ (defining the frames) for the zone plan process • More illustrations will follow at the AG september 18th
NPHS- Project organization
Board
Prins Henriks Skoles
Ejendomsfond Steering
Legal Committee
Accountant (meetings to be Parent Group
Advisor Sten Peters, Deloitte scheduled every 4 to
(Erik Larsson, NJORD) 6 weeks)
Director
Prins Henriks Skoles Director PHSE
Ejendomsfond Per Anker Hansen
LFPH
Director PHSE
management
Project Project managers from representatives
management • Management contractor (lead) Michel Chesne
• Architect Laure Cassiers
New LFPH
• Engineer
LFPH Board User Group
representatives
Representative 1
Management Advisor Advisor Representative 2
Contractor Architect Engineer
Arpe & Kjeldsholm Holcher Nordberg To be decidedCommunication
• Regular newsletter on the website
• The newsletter will be launched after each the meetings of the Steering Committee
• The newsletter will be published in Danish and French
• The newsletter will be distributed by mail thefirst time, thereafter on website
• The newsletter should also be relevant to secondary stakeholders
• Stakeholders in the New Prins Henrik School Project
• LFPH Parents
• LFPH Pupils
• LFPH Management
• LFPH Teachers and other staff
• Potential parents
• Donating funds, companies
and persons
• Bank/credit institute
• Frederiksberg KommuneNPHS – Project process
School management
Vision Furniture
Teachers, Pupils,
Language specifications
School management
Room
and board
Furnishing
Program
Construction
specifikations
project
Vision and room
program approved
by SC
Sketch Project
Furnishing
Comments and accept project
by SC on the approved by SC
sketch project
Project proposal
Comments and accept
by SC on the
project proposal Commissioning
Detailed
furnishing
Project
and moving in
Presentation to
all stakeholdersNPHS – main schedule
2018 2019 2020 2021
J FMAM J J A S ON D J FMAM J J A S O N D J FMAM J J A S ON D J FMAM J J A S ON D
Contribution to zone plan
Zone
Start Approval process
planning
Sketch project
Project proposal
Project for the commune
Detailed project
J J J J
Contracts
Demolition Construction phase
Commissioning
Furnishing
Mooving in
NB. The project plan requires that permission to start demolition can be given before the zone plan is adoptedYou can also read
