AMEC plc - Mixed-Use Development - London, AMEC JV Appointed for Scottish Schools PPP Project

Date: 28 Sep 2006

AMEC plc, the international project management and services company, announces that an AMEC-led joint venture has been appointed preferred bidder for the PPP contract to deliver six new secondary schools for East Dunbartonshire Council.

The 30-year concession has been awarded to InspirED, the AMEC, John Laing and Innisfree joint venture which also recently reached financial close on the £319 million South Lanarkshire Council secondary schools PPP.

In addition to its equity investment of around £3.5 million, AMEC will benefit from contracts to design and construct the schools, redevelop surplus lanad on five sites and provide estate management services over the concession period, with a total value over £125 million. Financial close is targeted for December 2006, with construction beginning immediately thereafter and full completion scheduled for mid-2009.

"This is another important step forward in our strategy of carefully selected investment in complex PPP schemes in which our investment, property development, design, delivery and maintenance skills enable us to secure multiple income streams over the long term," said Sir Peter Mason, chief executive of AMEC. "PPP, urban regeneration and wind energy projects together make up a strong investment portfolio from which we expect to generate substantial value in the future."

Excluding the East Dunbartonshire development, AMEC's PPP portfolio comprises 12 projects, seven of which are operational. Also, the company is currently pursuing three other PPP projects: two hospitals in Fife and Middlesbrough and a Building Schools for the Future project in Knowsley.

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