Miller Construction has reached financial close on a £78m construction project to deliver Quality Homes for Older People in North Tyneside. Through the joint venture, Solutions 4 North Tyneside (S4NT), Miller and its investment partner Equitix will develop 924 new-build and refurbished units over three years, creating up to 500 jobs and transforming lives for tenants.

Work on this high quality accommodation over 26 sites will begin at the end of March, with Miller providing construction services and facilities management being delivered through contractor, Lovell. The first of the 16 refurbished and 10 new-build schemes will be completed by February 2015, with the final phases due to be concluded in 2017 for North Tyneside Council. The total value of the services being provided by S4NT over the 28 year life of the programme will hit nearly £300m.

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The project is the first PPP deal that Miller has financially closed through a bond financed structure and capitalises on a six-year relationship between Miller and Equitix - investors in infrastructure on behalf of UK Local Authority and European corporate pension funds - who together have worked on a number of projects.

(CD/JP)