12th Jul 2007 13:08
Land Securities Group Plc12 July 2007 12 July 2007 Land Securities Group PLC ("Land Securities") LAND SECURITIES TRILLIUM ACQUIRES AMEC'S PROJECT INVESTMENTS BUSINESS Land Securities Group PLC announced today that its property partnershipbusiness, Land Securities Trillium ("LST"), has exchanged contracts with AMECplc ("AMEC") for the purchase of AMEC's Project Investments business ("ProjectInvestments"). Project Investments includes AMEC's interests in nine signedPrivate Finance Initiative ("PFI") projects, one preferred bidder project andthe PFI/PPP bidding and asset management team. LST has agreed a cash consideration of £163.5 million for Project Investments.The transaction is subject to receiving consents from public authorities andlenders to the PFI projects. If consents are not given or co-shareholdersexercise existing pre-emption rights in relation to some of the assets, theconsideration paid by LST will be adjusted accordingly. It is anticipated that the deal will be completed by 31 October 2007. Project Investments has been involved in the UK PFI/PPP market since theintroduction of the Private Finance Initiative and has a specialist team ofprofessionals engaged in the complete PFI/PPP delivery structure, from front endbidding to long-term management of the investment. The nine PFI projects in Project Investments are all in the UK and focused onthe healthcare, transport and education sectors including Cumberland Infirmary,one of the country's first operational PFI hospitals and the South LanarkshireSchools PFI, one of the largest schools PFI projects to date. Ian Ellis, Chief Executive, LST said: "Project Investments offers an excellentfit with the existing LST business and reinforces our presence in the CommunityInfrastructure market. It brings us a top quality portfolio of assets and ahigh calibre team of people who have a long and successful track record inbidding major PFI/PPP projects." - End - For further information, please contact: Melissa Winsor/Ian Ellis Stephanie Highett/Dido LaurimoreLand Securities Group PLC Financial DynamicsT +44 (0)20 7024 5460 T +44 (0)20 7831 3113 Notes to Editors Land Securities Trillium Part of the Land Securities Group, Land Securities Trillium is one of the mostestablished and innovative names in property outsourcing and PFI/PPP. Itfocuses on understanding customers' business requirements and meeting themthrough high quality and innovative service delivery. LST manages and providesservices to numerous commercial properties nationwide, for a growing number ofcompanies and government departments. These activities sit alongside LandSecurities' investment portfolio, worth many billions of pounds, which includesa vast range of shopping centres and retail parks as well as landmark buildingsin London. Land Securities is also involved in a major urban communitydevelopment programme. Land Securities Trillium currently has investments in over 100 PFI/PPP projects,predominantly in the health and education sectors. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Land SecuritiesAMFW.L