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Trowers completes £80m affordable housing PFI for Kier and Thames Valley Housing consortium

Trowers completes £80m affordable housing PFI for Kier and Thames Valley Housing consortium

Trowers & Hamlins has advised a consortium comprised of Kier and Thames Valley Housing – known as Evolution – on a major contract with Woking Borough Council to deliver a 371-unit, mixed-tenure housing development in the south east England borough.  The contract was signed on 15 November 2013, following the appointment of the consortium as preferred bidder in November 2012.

The £80 million private finance initiative (PFI) will create 224 affordable homes, and the 371-unit scheme will also include 147 homes for market sale.  Of the units to be built, 80 per cent will be houses and 20 per cent will be flats.

Kier will build the 224 affordable homes, which will then be rented out and managed by Thames Valley Housing for 25 years.  Over this contract period, Woking Borough Council will receive PFI credit support from the Homes & Communities Agency (HCA), having satisfied a rigorous value-for-money test by HM Treasury.

Trowers & Hamlins has advised the Kier and Thames Valley Housing special-purpose vehicle (SPV) throughout its initial bid and the subsequent finalising of the PFI arrangements and contract signing.  The firm provided specialist procurement, PFI, housing, construction and real estate advice, also drawing on its local government expertise and experience working with local authorities. 

Geeta Nanda, Thames Valley Housing chief executive, commented:  “We are thrilled to be delivering such a large quantity of affordable family homes in this expensive part of Surrey.  The new homes will be accessible to families and households in real housing need, and we are grateful to our local authority and central government partners for their support in helping us deliver this.”

Ian Graham, partner at Trowers & Hamlins who worked on the deal, added:  "We are delighted to have been involved in getting this important scheme off the ground.  There is high demand for affordable homes in this area, and going down the PFI route has enabled the council to deliver this much-needed housing." 

Now that the contracts have been signed, work on the development is due to begin immediately.  The first affordable homes are due for completion in early 2015, and the remaining homes will then be completed in stages over the subsequent two years.

The Trowers & Hamlins team advising on this matter comprised Ian Graham, Jonathan Whall and David Hughes in Housing and Regeneration with support from Christopher Pedder and Nia Stewart in Projects and Construction and Neil Waller and Paul Brock in Banking and Finance.