14th Jun 2007 10:19
Kier Group PLC14 June 2007 14 June 2007 KIER REACHES FINANCIAL CLOSE FOR UNITED KINGDOM SUPREME COURT Kier Group plc and the Ministry of Justice (MoJ) have reached financial close todeliver the renovation of the new United Kingdom Supreme Court. The £36.7m project will see Kier Group renovate the Middlesex Guildhall inParliament Square by March 2009. Kier Property, Kier's development arm, is spearheading the project with Kier'shistoric building refurbishment specialist, Wallis, acting as main contractor. Contracts have now been signed and work has begun on site. The project will befinanced through a lease-and-leaseback arrangement where Kier's capitalconstruction costs and developer's profit will be met over a 30-year period. Theannual rent to be paid by MoJ to Kier will be £2.1m per annum, increasing at arate of 2.5% per annum, for a period of 30 years from completion of the works. Kier Group chief executive John Dodds said: "We are delighted to have reachedfinancial close with the Ministry of Justice to deliver this flagship project.The United Kingdom Supreme Court further demonstrates Kier's success of offeringa unique integrated property and construction approach to major developments. Welook forward to working with the Ministry of Justice in the coming months and tocompleting this highly prestigious project." - ENDS - For further information, please contact: Kier Group plcJohn Dodds, Chief ExecutiveDeena Mattar, Finance Director Tel: 01767 640111 Madano PartnershipCaroline Sturdy Tel: 020 7593 4000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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