Morgan Sindall Group PLC (LON:MGNS) has signed a potential £1bn joint venture (JV) contract with Brentwood Borough Council's to deliver a long-term programme of developments for its property services.
The FTSE All-Share listed construction and regeneration group said the 50:50 JV will provide new homes, mixed-use developments, public spaces, commercial and leisure facilities on the council's portfolio of land.
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The group said the partnership's concession period is for 30 years and will draw on its Morgan Sindall Investments (MSIL) division’s strong track record of working in collaboration with councils across the UK.
It added that this will be MSIL's fourth local authority partnership adding to its current JV relationships in Bournemouth, Hertfordshire and in Slough.
The group also said this is the largest and most significant project Brentwood Borough Council has ever undertaken.
The JV will retain and manage certain properties that are developed and there will be opportunities for the council to acquire properties, including affordable housing.
John Morgan, chief executive of Morgan Sindall commented: “We are very pleased to have been selected by Brentwood Borough Council as its preferred JV partner. It underscores MSIL's position as a leading local authority JV development partner and builds on the excellent work that we have achieved in Bournemouth and Slough.”