Last checked at 20 Sep 2012 10:45
20 September 2012
Morgan Sindall Group appointed preferred
partner for £1 billion regeneration partnership in Slough
Morgan Sindall Group plc announces today that its investment division Morgan Sindall Investments Limited ('MSIL'), has been appointed as preferred partner for Slough Borough Council's Local Asset Backed Vehicle ('LABV') joint venture.
Through this LABV partnership, MSIL will provide project funding and investment expertise to Slough Borough Council to deliver a series of regeneration developments up to a total value of £1bn over a period of 15 years.
The LABV will procure works from two other companies within the Morgan Sindall Group over the lifetime of the joint venture, namely the Group's Affordable Housing business, Lovell Partnerships Ltd, and its Construction and Infrastructure division, Morgan Sindall plc.
The first phase of development includes a new build library and community facility ('The Curve') to be built by Morgan Sindall plc. The design and build contract value of the initial tranche of community developments is £54m. Other developments will include a new build secondary school and a new build leisure centre with an ice rink.
The first tranche of residential developments by Lovell Partnerships will provide 525 new homes across five sites with a gross development value of £105m.
Paul Smith, chief executive of Morgan Sindall Group plc, says "We have a strong track record working in partnership with Local Authorities to deliver large-scale, complex regeneration schemes. We are delighted to have this opportunity to partner with Slough Borough Council to fulfill their vision for the regeneration of the area and deliver this important project for the local community."
Councillor James Swindlehurst the Deputy Leader and Commissioner for Neighbourhoods & Renewal comments "We are extremely pleased to be continuing the redevelopment of Slough in partnership with MSIL. This vital regeneration partnership will breathe new life into Slough and surrounding areas, providing an important boost to jobs and local businesses. This LABV approach provides flexibility, ensuring the Council and MSIL can respond to the community's changing needs over time to deliver a quality, sustainable development."
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Notes to editors:
1. A Partnership Agreement will be signed by Morgan Sindall Investments Ltd and Slough Borough Council before the end of October 2012.
2. Morgan Sindall Investments Ltd provides project development and funding solutions through a one-stop service, allowing our private and public sector partners to implement sustainable change in order to improve long-term prospects and well-being of local communities. It is part of Morgan Sindall Group plc.
3. Morgan Sindall plc is a UK construction, infrastructure and design business with a network of local offices. The company works for private and public sector customers on projects from £50,000 to over £500 million. Activities range from small works and repair and maintenance, to the design and delivery of complex construction and engineering projects where it is able to provide specialist design, tunnelling, utilities, building, civil engineering and mechanical and electrical services. The company operates across the commercial, defence, education, energy, healthcare, industrial, leisure, retail, transport, waste and water sectors. It is part of Morgan Sindall Group plc.
4. Lovell Partnerships Ltd is a leading provider of affordable housing. The company has expertise in new-build, regeneration and refurbishment as well as responsive and planned maintenance. With offices in England, Scotland and Wales, Lovell offers a unique one-stop shop of services with the ability to build homes, offer a full menu of tenure options and maintenance for life. It is part of Morgan Sindall Group plc.
5. Morgan Sindall Group plc is a leading UK construction and regeneration group with revenue of over £2 billion and which operates through five divisions of construction and infrastructure, affordable housing, fit out, urban regeneration and investments.
ENQUIRIES:
Morgan Sindall Group plc Tel: 020 7307 9200
Paul Smith, Chief Executive
David Mulligan, Finance Director
Brunswick Tel: 0207 404 5959
Nick Cosgrove
Alison Kay