Financial close for London housing PFI
8 May 2012
A social housing PFI scheme in a London borough has finally reached financial close – over two years after reaching preferred bidder.
The Lambeth housing scheme for the delivery of new homes on the Myatts Field North estate was put on hold when the coalition government came to power, and was only given the go-ahead in February this year.The consortium, comprising John Laing-Pinnacle joint venture Regenter, Higgins Construction, Rydon Maintenance, Pinnacle PSG and E.ON, will deliver 305 new council homes, 146 affordable homes and 357 homes for sale on the private market.
“We look forward to working in partnership with the London Borough of Lambeth, our consortium partners and the local community to deliver this much needed and incredibly exciting housing-led regeneration,” said Regenter managing director Jim Saunders.
Three funders – the Co-operative Bank, Nationwide and Nord LB – are each providing a third of the £71.7m senior debt.
Thirteen housing PFI schemes were halted by the government in 2010, but most have since been given the go-ahead by ministers.
For more information on this project, click here.
