Business
Morgan Sindall Group announces £1bn joint venture
Morgan Sindall Group announces £1bn joint venture.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n \nRNS Number : 6585T Morgan Sindall Group PLC 22 March 2019 \n\n22 March 2019\n \nMorgan Sindall Group plc\n \nMorgan Sindall Group announces £1bn joint venture with Brentwood Borough Council\n \nMorgan Sindall Group plc, the construction and regeneration group, announces that following an extensive and competitive procurement process, its division Morgan Sindall Investments (\"MSIL\"), has been selected as Brentwood Borough Council's preferred joint venture (\"JV\") partner to deliver a long-term programme of developments.\n \nThe 50:50 JV has a potential contract value of up to £1bn and will provide new homes, mixed-use developments, public spaces, commercial and leisure facilities on the council's portfolio of land. Through the partnership, MSIL will deliver funding and commercial expertise to bring forward redevelopment at pace and scale that will transform the Borough. \n \nThe partnership's concession period is for 30 years and MSIL will draw on its strong track record of working in collaboration with councils across the UK. This will be MSIL's fourth local authority partnership adding to its current JV relationships in Bournemouth, Hertfordshire and in Slough. \n \nThis is the largest and most significant project Brentwood Borough Council has ever undertaken. The Council will be acting as a central purchasing body through which other local contracting authorities in Essex may procure a substantially similar partnership with MSIL. \n \nThe JV will retain and manage certain properties that are developed and there will be opportunities for the Council to acquire properties, including affordable housing.\n \nJohn Morgan, Chief Executive of Morgan Sindall Group plc said:\n \n\"We are very pleased to have been selected by Brentwood Borough Council as its preferred JV partner. It underscores MSIL's position as a leading local authority JV development partner and builds on the excellent work that we have achieved in Bournemouth and Slough. \n \nEnds\nEnquiries:\n \n\n\n\nMorgan Sindall Group plc\n\n\nTel: 020 7307 9200\n\n\n\n\nJohn Morgan\n\n\n\n\n\n\n\nSteve Crummett\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInstinctif Partners\n\n\nTel: 020 7457 2020\n\n\n\n\nMatthew Smallwood\n\n\n\n\n\n\n\nRosie Driscoll\n\n\n\n\n\n\n \n \nNotes to editors\n \nMorgan S...