Land Securities said on Thursday that its subsidiary Land Securities Trillium has agreed to buy Amec's project investments business for £163.5 mln in cash. The purchase involves Amec's stakes in nine signed Private Finance Initiative projects, one preferred bidder project and the PFI/PPP bidding and asset management team.
Land Securities said on Thursday that its subsidiary Land Securities Trillium has agreed to buy Amec's project investments business for £163.5 mln in cash. The purchase involves Amec's stakes in nine signed Private Finance Initiative projects, one preferred bidder project and the PFI/PPP bidding and asset management team.
The company said that the transaction is subject to receiving consent from public authorities and lenders to the PFI projects. The deal is expected to be completed by the end of October 2007. The nine PFI projects in Project Investments are all in the UK and focus on the healthcare, transport and education sectors. Project Investments has been in the UK Public Private Partnerships market since the introduction of the Private Finance Initiative and is engaged in the complete PPP delivery structure, from front end bidding to long-term management of the investment. Project Investments' gross assets last year stood at £72 mln.
Ceo Ian Ellis said: 'Project Investments offers an excellent fit with the existing LST business and reinforces our presence in the community infrastructure market. It brings us a top quality portfolio of assets and a high-calibre team of people who have a long and successful track record in bidding major PFI/PPP projects.'
