08 May 2012 | 03:00 pm | 1 min. read
Myatts Field North, Lambeth, set for major re-development. International law firm Pinsent Masons has closed a deal which will see £80 million ploughed into the regeneration of the Myatts Field North Estate in Lambeth, London.
Under the Myatts Field North Housing PFI project, the London Borough of Lambeth has entered into a 25 year contract with the Regenter Myatts Field North consortium (comprising Pinnacle Regeneration Group Limited and John Laing Investments).
The consortium will be responsible for the development and refurbishment of around 800 residential homes, as well as a community centre and park. A site-wide centralised combined heat and power plant and district heating network will also be developed to serve all of the dwellings on the Myatts Field North Estate, and a number of improvements will be made to sports facilities and transport infrastructure in the area.
Lawyers in the Projects practice at Pinsent Masons advised a club of senior debt providers – comprising Norddeutsche Landesbank Girozentrale, The Co-operative Bank plc and Nationwide Building Society – on funding for the project.
The Pinsent Masons team was led by Kate Orviss and included John Cleland, Stacey Collins, Joanne Toft, Steven Langton, Katherine Moule, Jade Harris, Jennifer Gee, Pippa Whitmore, Rebecca Wilcock, Hollie Kelsie, Karolina Kola and John Bruce.
Kate Orviss, who led the Pinsent Masons team, says:
"It is a great pleasure to have worked so closely with the senior debt providers and the sponsors to get this scheme to close so that the very important work of the regeneration of the Myatts Field North Estate can get under way. I am also extremely proud that this is first major project to reach financial close since the launch of the "new" Pinsent Masons as McGrigors and Pinsent Masons join together in a single, unified firm. Our market-leading experience in housing PFI transactions has been an integral part of this closing this deal, and our enhanced practice will be well-placed to act on similarly complex deals in this and many other sectors in future."
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