?350m+ Bournemouth regeneration contract
17 February 2011
Morgan Sindall Group secures £350m+ Bournemouth regeneration contract
Morgan Sindall Group plc, the construction and regeneration group, today announces that Morgan Sindall Investments Limited (MSIL), its investment unit, has signed contracts with Bournemouth Borough Council for the Bournemouth Town Centre Vision LABV scheme. The scheme, which will run for 20 years and has a development value of between £350 million and £500 million, is a 50/50 joint venture Public Private Partnership between Bournemouth Borough Council and MSIL.
The project will deliver a range of residential and mixed-use development including leisure attractions, new housing, shops and offices across 17 sites in the town centre. MSIL will provide funding for the on-going development of projects, matching the land value contribution of Bournemouth Borough Council.
In addition, MSIL is providing a full range of strategic development services to the Local Asset Backed Vehicle partnership. This includes long-term master planning, detailed site development planning, property management and design and construction. Surpluses generated by the partnership will be reinvested in improvements to the town's infrastructure and public spaces.
The joint venture partnership will benefit from the delivery capability of Morgan Sindall and Lovell Partnerships on a number of projects in development over the maturity of the contract.
Paul Smith, Chief Executive of Morgan Sindall Group plc, said:
"We are delighted to finalise this contract with Bournemouth Borough Council. We have vast experience of delivering complex, long-term mixed-use projects of this nature and look forward to working alongside the Council during the project's lifetime.
"MSIL's portfolio of investment-led projects is growing. Our strategic approach in bidding for schemes that require integrated investment and construction capabilities will create shareholder value in the long-term and generate work for our construction divisions in the short-term."
Ends
Notes to Editors:
Morgan Sindall Group
Morgan Sindall Group plc is a leading UK construction and regeneration group operating through four divisions of fit out, construction and infrastructure, affordable housing and urban regeneration, and an investment unit.
Morgan Sindall Investments (MSIL)
Morgan Sindall Investments (MSIL) 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.
ENQUIRIES:
Morgan Sindall Group plc Tel: 020 7307 9200
Paul Smith, Chief Executive
David Mulligan, Finance Director
Blythe Weigh Communications Tel: 020 7138 3204
Tim Blythe Mobile: 07816 924626
Paul Weigh Mobile: 07989 129658
This information is provided by RNS