For reasons that are well documented, the delivery of public services, assets, infrastructure and availability of associated funding streams have changed significantly in recent years. The State will be delivering its functions in different ways in the future and will interface with the private sector in different ways to those historically utilised. This is driving and will continue to drive the use of partnerships, joint ventures, investment and other financing structures which are different to those which have been the norm over the past few years (e.g. PFI). To deliver these it is necessary to understand the issues faced and to tailor solutions.
As government bodies are seeking to achieve value for money and efficiencies in their delivery of social infrastructure they are increasingly seeking collaborations between public sector bodies and the private sector. Projects are becoming less about developing buildings and more about delivering services and utilising assets. We are seeing a whole series of alternative service and asset delivery structures emerge.
We offer a specialist team, Structured Solutions, which is at the forefront of new approaches to partnering, joint venture, investment and other financing structures, specialising in developing bespoke structures to help the public sector deliver services, assets and infrastructure more effectively and efficiently. This team is recognised as a market leader advising both public and private sector clients in this area.
These types of projects are often delivered against a backdrop of wider regeneration and improvement aims. The deals are invariably complex and long-term and have required innovative, practical thinking coupled with detailed technical know-how to achieve the right structures that deliver the service and rewards that all parties' demand.
We specialise in advising upon infrastructure development and financing projects, asset backed vehicles, joint ventures and mutuals, facilities management and service outsourcings, development, regeneration, tax incremental partnerships and other commercial partnerships.
Our experience includes advising on projects relating to regeneration, health and housing as well as numerous central and local government services. We have been actively involved in the development of many of these partnering and joint venture models including being asked to advise on Government guidance on public sector joint venture models around asset and service delivery.
The following is a selection of the projects we have advised on:
- Bournemouth Borough Council on its £500m Town Centre Vision LABV reaching across 16 sites throughout the town centre. This was a development asset backed vehicle with the Councils partner Morgan Sindall Investments Limited
- Gateshead Council on its borough-wide housing-led LABV project. This significant scheme will see 19 sites across Gateshead brought forward for housing regeneration delivering approximately 2200 homes over a 15 year period.
- Peterborough Council on its £200m outsourcing of its back office customer support, finance and internal support departments services to Serco
- Newcastle City Council on the Scotswood LABV project which covers a substantial area of the west end of Newcastle upon Tyne. The project involves the creation of a delivery vehicle in joint venture with its private sector partner, a consortium comprising Barratt, Keepmoat and Yuill, to deliver 1800 new homes in this run-down area of the city and promote development further afield.
- The Keepmoat and Great Places consortium in their successful bid for the c£500 million Sheffield Regeneration Local Housing Company. This is a 20 year PPP, procured through competitive dialogue, to deliver 2,500 new homes and to regenerate 19 sites across Sheffield.
- Regional Infrastructure Funds for a number of Regional Development Agencies
- Calderdale NHS Foundation Trust in relation to its LABV to develop its 13 hectare surplus sites
- The European Investment Bank in relation to its JESSICA funds comprising the Northwest Evergreen, Chrysalis and the London Waste Funds
- The Homes and Communities Agency on the production of a procurement pack and guidance to be released by DCLG in relation to the establishment of Local Housing Companies and Local Asset Backed Vehicles. Subsequently advising in relation to three of the pilot Local Housing Companies
- Aylesbury Vale District Council on its LABV project securing investment into its investment property portfolio
- Romec Limited, a joint venture between Royal Mail Group and Balfour Beatty, in relation to a ten year £1.8 billion facilities management strategic partnership for the whole of the Royal Mail Estate.
- Numerous Local Enterprise Partnerships revolving investment funds and associated funding documentation
- PUK and HM Treasury in relation to the HM Treasury PUK guidance on public sector joint ventures and partnering arrangements.
- Devon County Council on its Sky Park LABV near Exeter, which will involve the creation of a LABV to create a major new business park
- A number of Government departments on the structure of the pilot government mutuals