Morgan Sindall Group announces £1bn joint venture

RNS Number : 6585T

Morgan Sindall Group PLC

22 March 2019

 

22 March 2019

Morgan Sindall Group plc

Morgan Sindall Group announces £1bn joint venture with Brentwood Borough Council

Morgan Sindall Group plc, the construction and regeneration group, announces that following an extensive and competitive procurement process, its division Morgan Sindall Investments ("MSIL"), has been selected as Brentwood Borough Council's preferred joint venture ("JV") partner to deliver a long-term programme of developments.

The 50:50 JV has a potential contract value of up to £1bn and will provide new homes, mixed-use developments, public spaces, commercial and leisure facilities on the council's portfolio of land. Through the partnership, MSIL will deliver funding and commercial expertise to bring forward redevelopment at pace and scale that will transform the Borough.

The partnership's concession period is for 30 years and MSIL will draw on its strong track record of working in collaboration with councils across the UK. This will be MSIL's fourth local authority partnership adding to its current JV relationships in Bournemouth, Hertfordshire and in Slough.

This is the largest and most significant project Brentwood Borough Council has ever undertaken. The Council will be acting as a central purchasing body through which other local contracting authorities in Essex may procure a substantially similar partnership with MSIL.  

The JV will retain and manage certain properties that are developed and there will be opportunities for the Council to acquire properties, including affordable housing.

John Morgan, Chief Executive of Morgan Sindall Group plc said:

"We are very pleased to have been selected by Brentwood Borough Council as its preferred JV partner. It underscores MSIL's position as a leading local authority JV development partner and builds on the excellent work that we have achieved in Bournemouth and Slough.

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Enquiries:

Morgan Sindall Group plc	Tel: [phone]
John Morgan
Steve Crummett
Instinctif Partners	Tel: [phone]
Matthew Smallwood
Rosie Driscoll

Notes to editors

Morgan Sindall Group

Morgan Sindall Group plc is a leading UK Construction & Regeneration group with annual revenue of £3bn, employing around 6,600 employees and operating in the public, regulated and private sectors.  It reports through six divisions of Construction & Infrastructure, Fit Out, Property Services, Partnership Housing, Urban Regeneration and Investments.

 

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