Kirklees signs housing PFI

Kirklees Council has signed its £92.5m housing PFI deal with a Regenter-led consortium.

The deal will see 466 new affordable rental homes built in the region, including 140 homes for older people providing extra care and support.

The Excellent Homes for Life consortium comprises developer John Laing’s Regenter division, plus contractor Wates Living Space and Pinnacle PSG, which will manage and maintain the homes over the 20-year period of the contract.

Regenter has an 80% equity stake in the vehicle, while Wates has the other 20%. Banks Co-op, Nationwide and Nord LB each took an equal share of the £68m debt on the deal.

“Today’s announcement means that we can begin to address the shortfall of affordable housing we’ve had in Kirklees for many years and deliver the specific types of homes we know today’s residents – and those of the future – need,” said Peter McBride, member for investment and regeneration at Kirklees Council.

Regenter was named preferred bidder on the project in March 2010.

For more information on the scheme, click here.