John Laing - Mixed-Use Development - Corsham, Preferred Bidder for Corsham Defence PFI

Date: 27 Oct 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."

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