Construction News

29/06/2009

Hochtief And Morgan Sindall Reach Financial Close For PPP Service Centre

Hochtief PPP Solutions and Morgan Sindall have announced financial close for the 'Wigan Life Centre' public-private partnership (PPP) project.

The consortium will design, finance and build the service centre in Wigan and operate it for a period of 25 years. Hochtief Facility Management UK will manage the complex once it is open.

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The PFI scheme involves constructing and managing a leisure, health, learning and information complex that includes a one-stop shop for all public services.

Jane Barber, CEO of Hochtief PPP Solutions (UK) said: "We managed to secure long-term project financing with tried-and-tested partner banks. This underscores Hochtief's strong position in the field of project financing."

The construction phase of the PFI scheme is due to commence at the end of this month (June 2009), with completion due in December 2011.

(CD/JM)

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