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Land Securities Group PLC announced today (12 July) that Land Securities Trillium has exchanged contracts with AMEC plc (‘AMEC’) for the purchase of AMEC’s Project Investments business. AMEC Project Investments includes AMEC’s interests in nine signed PFI projects, one preferred bidder project and the PFI/PPP bidding and asset management team.
The transaction is valued at £163.5 million and is subject to receiving consents from public authorities and lenders to the PFI projects. It is anticipated that the deal will be completed by 31 October 2007.
CMS Cameron McKenna LLP advised Land Securities Trillium. Corporate Partner, Sandra Rafferty, led the CMS Cameron McKenna team. She was assisted by Steve Mack and Matt O’Toole (Corporate), and Aaron Fairhurst (Tax).
Sandra Rafferty commented, “We were extremely pleased to act on this transaction which is the first major acquisition in the PFI secondary market for Land Securities Trillium since acquiring Secondary Market Infrastructure Fund last year, which was a significant client of the firm.”
The nine PFI projects involving AMEC Project Investments are all in the UK and are focused on the healthcare, transport and education sectors. Land Securities Trillium currently has investment in over 100 PFI / PPP projects, predominantly in the health and education sectors.
AMEC Project Investments was advised by Berwin Leighton Paisner. |