Inspirit Energy Regulatory News (INSP)

16 Jul 2007 07:00

Inspace Plc16 July 2007 Press Release 16 July 2007 Inspace plc ("Inspace") Social Housing - Contract Win Inspace plc (AIM:INSP), one of the UK's leading specialist service providers tothe social housing market, today announces that, through its social housingdivision, it has signed a contract to design and build key worker accommodationat St. George's Hospital in Tooting, South West London. The contract is expectedto be worth approximately £37.5 million over a three year period. Chris Durkin, the Chief Operating Officer of Inspace's social and affordablehousing divisions, said: "We are delighted to be playing a major role in theprovision of these important key worker homes for St. George's Hospital. Thisscheme is in accord with the Government's commitment, recently outlined by PrimeMinister Brown, to substantial long-term growth in affordable housing. Beingpart of this consortium further strengthens our existing working relationshipwith Thames Valley Housing Association ("TVHA") with whom we have successfullydelivered two other key worker schemes at Burlington Danes and HillingdonHospital. We look forward to working with them again on this exciting project." The award of this contract follows financial close being reached on a PFIagreement between TVHA and the South London NHS Trust. As the design and buildpartner for TVHA, Inspace is responsible for delivering the construction phase,which consists of providing 557 units as well as a further 78 shared ownershipunits and a nursery. Work starts in September this year and when completed inDecember 2010, it will provide accommodation for nurses, doctors and other keyworkers at St George's Hospital. This new contract comes just after Inspace's social housing division wonindustry magazine Contract Journal's 'Best Place to Work in Construction' awardfor businesses with between 201 and 500 employees. It followed a process wherestaff from over 100 companies responded to an online survey from ContractJournal, the sector's highest circulation weekly newspaper. Inspace was the onlysocial housing specialist to win an award, which remains the industry's key wayto identify its most contented workforces. - Ends - For further information:Inspace plcAndrew Telfer, Chief Financial Officer Tel: +44 (0) 1462 678 910andrew.telfer@inspace.co.uk www.inspace.co.uk Dresdner KleinwortChristian Littlewood Tel: +44 (0) 20 7623 8000 Media enquiries:AbchurchHenry Harrison-Topham Tel: +44 (0) 20 7398 7702henry.ht@abchurch-group.com www.abchurch-group.com Notes to editors Inspace plc is a property based services group, and one of the UK's leadingspecialist service providers to the social housing market. Inspace has threecomplementary areas of activity: social housing, affordable housing andcorporate assets. Social Housing - creating and maintaining sustainable homes The division is one of the UK's leading specialist service providers to socialhousing landlords through long term framework contracts. Its services comprisemajor 'repair and maintenance', 'stock reinvestment' and new build programmesfor local authorities, Arms Length Management Organisations (ALMO) andRegistered Social Landlords (RSLs). Total spending on social housing is currently around £14 billion per annum, ofwhich around £10.3 billion is spent on repair, maintenance and improvement. Ofthis, £4 billion is spent on ongoing repair and maintenance, with the remaining£6 billion being spent on capital projects such as major refurbishment andimprovement. This includes a contribution of between £1 billion and £2 billion ayear from the Decent Homes initiative. The provision of new housing, which iscurrently running at around 35,000 units a year, adds a further £3.5 billion tothis sum. Affordable Housing - developing integrated communities The affordable housing division specialises in the provision of low cost homesfor sale in partnership with RSLs, usually alongside social housing built by theSocial Housing division, as part of more extensive mixed tenure schemes. It hasalready established a number of joint venture companies with RSLs and throughits involvement in the Key London Alliance consortium, has been appointed toprovide mixed tenure developments under the Government's London Wide Initiative. Corporate Assets - improving and maintaining public and private real estate The corporate assets division provides a comprehensive repair, maintenance,capital works and interior design service across public and private sectornon-residential real estate. It delivers 24/7 integrated maintenance servicesacross England, Scotland and Wales through its national network of branches and'home based' mobile engineers. Its specialist design-led service offerscustomers an integrated interior design, installation and furnishing 'one stop'solution. Further information on Inspace can be found at www.inspace.co.uk This information is provided by RNS The company news service from the London Stock Exchange