Miller Equitix, a joint venture between Miller Construction and investment partner Equitix, has reached financial close on the UHI campus project.

The new College will be the first and largest development at the multi-stakeholder Inverness campus site, which is currently being developed by Highlands and Islands Enterprise on the outskirts of the city.

It also ranks as the first further education college to use the non profit distributing financing model being used in Scotland.

The approach ensures that private sector returns are capped, that there is no dividend bearing equity, and any surplus is directed in favour of the public sector.

Mark Baxter, investment director, Miller Construction, added: “Measured from start to finish this has been a very fast procurement.

“Given this is the first of the new wave of NPD projects to close this is testament to the professionalism of all involved. We look forward to further closes this year and further NPD projects in the future.”

Equitix has entered into a 25 year commitment as 50% investor with funds coming from local authority and UK pension funds.

Miller is the co-investor and will provide integrated design and build services and facilities management for 25 years delivered through Miller Asset 24.

A total of 300 jobs will be created during the construction phases of the project.

Inverness College UHI is the fifth revenue financed project to be closed by Miller Construction in the past 18 months.