Morgan Sindall Group Regulatory News (MGNS)

3 Jul 2007 15:02

Morgan Sindall PLC03 July 2007 Morgan Sindall plc Lovell awarded £40 million housing redevelopment in Somerset Lovell, Morgan Sindall's affordable housing and regeneration business, has beenselected by Somer Community Housing Trust for a three-year, £40 million housingregeneration scheme at five estates in Bath and Keynsham in north east Somerset.The project will involve the redevelopment of post-War, precast reinforcedconcrete homes (PRC) of which 193 will be demolished by Lovell and another 100refurbished. Lovell will also build an extra 200 new homes on the estates forlocal residents and a further 120 homes for open market sale. The scheme will be managed by Lovell which has a strong track record inredeveloping PRC and other types of properties. The company recently completed a£35 million housing scheme for Newport Housing Trust replacing 630 prefabricatedcorrugated metal and asbestos construction homes with more than 500 newbungalows in Newport, South Wales. Paul Smith, Chief Executive of Morgan Sindall plc comments: "We're delighted to be working with Somer Community Housing Trust on thisimportant residential redevelopment in Bath and Keynsham. Lovell has asuccessful track record for delivering this type of complex housing regenerationscheme and today's award recognises this leading expertise." 3 July 2007 Enquiries:Morgan Sindall plc Tel: 020 7307 9200Paul Smith, Chief ExecutiveDavid Mulligan, Finance Director College Hill Tel: 020 7457 2020Matthew Smallwood Editor's notes: • PRC homes were built in large numbers in the post-war years and SomerCommunity Housing Trust owns a number of different types in a variety oflocations. As a result of structural problems either in the concrete used intheir construction, or due to the corrosion of the steel reinforcement withinthe concrete, the properties have been technically classed as defective by SomerCommunity Housing Trust. While no immediate structural problems are apparent,the properties have a limited life in their current form. • Lovell is Britain's leading provider of affordable housing. It is amember of Morgan Sindall plc, the construction and urban regeneration group,which operates through four specialist divisions: fit out, construction,infrastructure services and affordable housing. This information is provided by RNS The company news service from the London Stock Exchange