14th Oct 2013 07:12
LONDON (Alliance News) - Construction giant Carillion PLC Monday said it has been selected to develop the Airport City project at Manchester Airport in a deal worth GBP800 million.
Carillion won the deal as part of a consortium which consists of Beijing Construction Engineering Group and the Greater Manchester Pension Fund.
The consortium will start work immediately and the project, one of the largest regeneration schemes in the UK since the Olympics redevelopment in East London, is scheduled for completion over the next 15 years.
It will provide 5 million square feet of development, including offices, hotels, advanced manufacturing, logistics and warehousing, aimed to attract international businesses and to create an additional 16,000 jobs for the North West of England.
Carillion expects to invest up to GBP12 million of equity in the development, as well as delivering up to GBP580 million of construction work.
Argent (Property Development) Services will be appointed by the joint venture as development manager for the scheme, Carillion said.
Carillion shares are trading up 1.3% at 307.30 pence per share at the open Monday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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