Global law firm Squire Patton Boggs’ Projects team has advised building contractor, Wates Construction Limited, on the Hull Extra Care Housing PFI Project, a major £80m contract, which achieved financial close on 17 December 2014.
The project financed care infrastructure scheme is set to deliver 316 extra care apartments and community facilities for vulnerable adults across three locations in Hull and is designed to enable residents to live an independent life in a socially supportive environment.
Work on the scheme (procured by Hull City Council with PFI credits from the Department of Health) will commence early in the New Year. Aviva provided senior debt. Completion is expected in December 2016. The project company is Riverside Care and Support Limited (a subsidiary of the Riverside Group) which will also provide the maintenance and housing management services.
Dave Poulter, Project Director at Wates, said: "We are extremely pleased to have reached this important milestone. The provision of new and improved extra care accommodation will improve the lives of the local community. We look forward to working in partnership with the Council and our consortium partners going forward.”
Infrastructure partner Robin Baillie and Senior Associate Anna Le Jehan led the team at Squire Patton Boggs. Support was provided by Real Estate Associate Alex Weatherall.
Commenting on the deal, Robin Baillie said: "It is a great pleasure to have worked with Wates to get this scheme over the line so that the ‘real work’ can now commence. This deal underlines our expertise in the PPP and accommodation sectors and we are delighted to have played our part in a project which will undoubtedly bring major benefits to the local community.”