We have been in the vanguard of providing creative and intelligent solutions to help our clients develop groundbreaking joint-ventures to develop, and tap into, new funding techniques and structured solutions to enable infrastructure schemes to get off the ground. These solutions and techniques will be key to getting projects of crucial social and economic importance moving.
One example of this has been our work on Asset Backed Vehicle or 'ABV' deals, in which local authorities agreed to invest land in a jointly-held company, while private sector consortia – often of developers and / or house builders – invest cash to match the value of the land.
We helped develop the groundbreaking partnership between a consortium comprising Barratt Homes, Keepmoat Homes and Yuill Homes and Newcastle City Council which will see £265m spent on the development of the Scotswood area of Newcastle Upon Tyne. This project will deliver 1800 new homes and a new 6000 sq metre neighbourhood centre over the next fifteen years, as well as bringing employment creation and other wider socio-economic benefits to the city.
Similarly, we advised on a joint venture between the Keepmoat/ Great Places consortium and Sheffield City Council. This will result in a 20-year project worth around £400m, within which 19 sites across Sheffield will be regenerated and 2,500 new homes delivered.
ABV is a relatively new model, and we have been at the forefront of developing creative legal solutions to help ensure that all parties share in the risks and rewards of projects.