DLA Piper has advised Leeds County Council on the successful close of its social housing regeneration project for areas to the north and south of Leeds city centre, with a capital value of £138.5 million. The Sustainable Communities 4 Leeds (sc4L) consortium will deliver the project.
The DLA Piper team have advised the Council since 2006 on the procurement of the project, which will see the areas of Little London, Beeston Hill and Holbeck regenerated with more than 1200 council homes refurbished, 388 new council homes built and environmental improvements to local neighbourhoods and estates.
The scheme is the latest in a long line of PPP projects DLA Piper has helped deliver for the city over the past decade, working in partnership with the Council's PPP Unit. The results of this endeavour can be seen throughout the city in terms of new schools, leisure centres, social housing, waste facilities and street lighting.
The 20 years and 3 month contract is the first bond financed PFI to be closed in the UK market since 2008. The bond is guaranteed by Assured Guaranty Ltd.
The DLA Piper team was led by partner Robert Smith who was assisted by associate Amy Bowers, legal director Chris Baker and associate Paul Laverty all from Leeds. London partners Sharon Smith and Martin Bartlam, along with senior associate Chris Godwin, advised on the bond financing.
Robert Smith commented: "It has been a great pleasure to have played a key part in such an important scheme for the city. There have been a number of challenges along the way but we are pleased to have successfully overcome them, so that this project can proceed, regenerating areas of Leeds and providing new and refurbished housing stock."
David Outram, Chief Procurement Officer Leeds City Council said: "This project is a key regeneration project for Leeds, and is the latest of more than 10 PFI/PPP projects successfully closed by Leeds City Council with DLA Piper’s support over recent years."
http://www.dlapiper.com/dla-piper-advises-leeds-city-council-on-financi…
