Morgan Sindall seals £1bn Essex council development deal

Morgan Sindall has signed another major development deal with a council in the south east to deliver major regeneration schemes.

The group’s investment arm will work with Brentwood Borough Council as development partner to deliver housing on council sites with up to £1bn worth of schemes over the next 30 years.

The award of the contract to set up the 50:50 joint venture with Morgan Sindall is subject to full Council approval.

Brentwood Borough Council Leader, Cllr Louise McKinlay said: “This is the largest and most significant project Brentwood Borough Council has ever undertaken.

“We have a grand vision of what we want our town to become and this opportunity is a once in a lifetime chance to make this a reality.

“Our residents will, over the coming months and years, be able to see a real change that will build on our heritage and create a Town of the future for generations to come.”

Wes Erlam, Managing Director of Morgan Sindall Investments said: “The 50:50 JV will mean the council can retain control over how its land is developed and the pace and scale of that development.”

By May last year, 15 organisations had applied to become the Joint Venture Partner which will work on sites including William Hunter Way. Through an intense selection process this was then whittled down to five companies with final submissions received in December last year.

Morgan Sindall Investments is backed by a large lending consortium including Barclays, RBS, Investec, Aviva and Pluto Capital and has raised more than £1.5bn finance for its projects to date.

Last year Morgan Sindall agreed a £2bn property delivery joint venture with Hertfordshire County Council to delivery housing.

It also has ongoing deals with Slough and Bournemouth Borough Councils.

from Construction Enquirer http://www.constructionenquirer.com/2019/03/22/morgan-sindall-seals-1bn-essex-council-development-deal/

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