Galliford Try has reached financial close with Kent County Council on the Excellent Homes for All PFI scheme, worth £100M to the firm, with work expected to get under way immediately.
Financial close follows the house building and construction group’s appointment as preferred bidder for the 25 year project in December 2013. The £38M construction contract element of the deal will involve the provision of seven schemes of supported housing across the county.
Under the contract approximately 240 homes will be built by Galliford Try’s Partnerships business to provide supported living for vulnerable adults across Kent, as well as communal facilities.
Galliford Try’s Facilities Management (‘FM’) business will provide ongoing hard and soft facilities maintenance and lifecycle management services in operating the scheme accommodation. The FM contract is worth over £36M, providing approximately £1.5M of additional index linked income per annum to the Group.
Housing Management services for the project will be provided by Galliford Try’s partner, the West Kent Housing Association.
In parallel, the project will involve the creation of a special purpose vehicle managed by Galliford Try Investments to develop social housing for vulnerable people within Kent.
Galliford Try Chief Executive Greg Fitzgerald commented: “We are delighted to have reached agreement with our partners at Kent County Council on this initiative and are now able to get the project under way. Extra Care remains an important sector for Galliford Try and we look forward to providing the high quality homes and facilities that Kent’s residents deserve.”
