12th Oct 2007 07:01
Costain Group PLC12 October 2007 Costain Group PLC("Costain" or the "Group") Financial Close on Final Phase of Three Shires PFI Costain is pleased to announce that the Arden Partnership, its 50:50 jointventure with Alfred McAlpine, has reached financial close on The Derby Project,the final project of three phased Financial Closes to be achieved in the £76.5mThree Shires Batched PFI Scheme. The deal was financed by NIBC Bank NV as LeadArranger. The scheme, for the Derbyshire Mental Health Services NHS Trust is a £36.4mproject for the design, build and operation of an Adult High Dependency Unit, anOlder Persons HDU, an Older Adult Dementia HDU, an Older Adult Resource Centreand a Clinical Services Building, with a total area of 11,155m2, to be providedon two sites within the Derby area. Design and construction work will becarried out by Costain, and Alfred McAlpine will provide the hard FM services. Phases one and two of the batched PFI project, the £30m Lincolnshire CommunityHospital Project, and the £10.5m Leicester Learning Disabilities Unit reachedFinancial Close earlier in the summer and are now both under construction. Thebatched PFI process was designed to allow smaller schemes to be developed underthe Governments' Private Finance Initiative so that they could share in thesavings made from a jointly procured approach. Andrew Wyllie, Chief Executive of Costain, said: "We are delighted that the final phase of this unique batched PFI project hasreached financial close and that all three projects are now in construction.This is another important step in our desire to be Number One in the delivery ofHealth Services in the UK." 12 October 2007 ENQUIRIES: Costain Group PLC Tel: 01628 842 444Andrew Wyllie, Chief ExecutiveTony Bickerstaff, Finance DirectorGraham Read, Public Relations College Hill Tel: 020 7457 2020Mark GarrawayMatthew Gregorowski This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Costain