Financial close for UK housing PFI

A consortium led by investment group Regenter has reached financial close on the Lambeth Myatts Field North Housing PFI project in London. The project received approval for £150m of government spending in February.

The Regenter Myatts Field North consortium has reached finanicial close on the Lambeth Myatts Field North Housing Private Finance Initiative (PFI) project. Led by Regenter – a housing scheme investor, developer and operator – the consortium also includes Higgins Construction, Rydon Maintenance, Pinnacle PSG and E.ON.

The project won approval from HM Treasury for £150 million (€186 million; $242 million) of government funding in February this year. The project aims to transform the Myatts Field North housing estate in Lambeth, south London, into a “new mixed and sustainable community”, making it a more “vibrant, welcoming and greener environment” according to a Regenter press release.

The 25-year project includes the construction of 808 new-build homes and the modernisation and refurbishment of 172 existing homes. It also includes: the development of a state-of-the-art landscaped park; the development of new streets, green spaces and allotments; the refurbishment of estate-based retail units; and the construction of a new community centre with sports facilities.

Last  December, a Regenter-led consortium reached financial close on the £131 million Gateways to Oldham housing and regeneration PFI in the north-west of England.

Regenter is a 50/50 joint venture between developer John Laing and housing services firm Pinnacle Regeneration Group.