Thursday, October 26, 2006
Inteq, a consortium of John Laing plc, the leading project developer and investor in public private partnerships in the UK and around the world, and Interserve have been named preferred bidder on the MoD’s Corsham PFI project. John Laing’s investment in the project is expected to be in excess of £5m.
The MoD, through the Defence Communication Services Agency, aims to establish a communication centre of excellence at Corsham in Wiltshire. All essential MoD personnel and business partners will co-locate on a single site.The consortium will be responsible for working with Defence Estates to create and manage a working and living environment capable of supporting an estimated 2,000 users of the site including new flagship offices and single living accommodation. John Laing and Interserve will each have a 50 per cent equity/sub-debt stake in the project and Interserve will provide a range of facilities management services over the 25 year concession period.
It is anticipated that the contract will reach financial close in late 2007, with construction completing in 2010.
Commenting on the deal, Adrian Ewer, Chief Executive of John Laing said: “We are delighted to be partnering with the MoD on this exciting project, which when completed will be a critical component in the security of the nation. Building on our strong reputation in the defence sector, this is a further demonstration of what can be achieved when combining the skills of the military and private sector.”
ENDS
For further information please contact:
John Laing plc
Adrian Ewer
Tel: 020 7901 3200
Finsbury Group
Robin Walker
Tel: 020 7251 3801
About John Laing
John Laing plc is the leading project developer and investor in public private partnerships in the UK and around the world. It is the only UK listed company whose core business is focused entirely upon the development of PFI/PPP projects and operations. The Group current invests in a total of 50 projects in sectors including defence, health, education, roads and rail.