Leading public services law firm Bevan Brittan has successfully advised Regenter (a joint-venture between Pinnacle Housing Group and John Laing plc), on the financial close for the Oldham and Kirklees Housing PFI schemes. The schemes financially closed within 14 business days of each other - and both in time for Christmas!
For Oldham, the Inspiral Consortium, comprising Regenter, Great Places Housing Group and Wates Living Group, will deliver the £130m Gateways to Oldham PFI project. This will involve the construction of 420 new social and private homes and renovation and refurbishment of over 300 existing council houses. Inspiral will be responsible for the operation and maintenance of these facilities over a 25-year contact. The contract also includes the provision of improved car parking, open public spaces, and other community facilities. Construction is expected to start in early 2012, with completion scheduled for 2015.
In Kirklees, the Regenter Excellent Homes for Life Consortium comprising Regenter, Wates Living Space and Pinnacle PSG will deliver the £ 92.5million Excellent Homes for Life Housing PFI project by Kirklees Council. This project includes the new build of 140 homes for older people within three extra care housing schemes offering care and support, 291 one and two bedroom homes for small households, and 35 homes specifically designed for wheelchair users. The new homes will be built on 27 sites across Kirklees.
The projects, that reached financial close on 29 November (Oldham) and 20 December (Kirklees) respectively, involved Bevan Brittan’s leading housing team advising on all elements of the PFI agreement including contract structure, contractual documents, and the finance agreements.
Commenting on both projects, Penny Rinta-Suksi, lead Partner for both projects said “We are delighted to have reached financial close on both of these significant housing projects. The housing PFI market has thrown up a number of challenges in recent years; a credit crunch; contractor failure and a change in government and subsequent value for money reviews on housing PFI. Delivering these projects in these circumstances is tough, and closing two deals in such a short time scale before Christmas has tested our team. The team have shown real stamina and done a great job of financially closing this matter despite the tight timescales."
The Bevan Brittan team comprised Penny Rinta-Suksi, Jon Coane, Lisa Garbett, Patrick Sweeney, Nathan Bradberry, Sandy Munroe, David Moore and Lucinda Price.