Contractor鈥檚 investments arm will fund housebuilding programme for east London borough
Morgan Sindall鈥檚 investment arm has been chosen as Brentwood council鈥檚 preferred partner to fund the borough鈥檚 plans to build new homes and other schemes for the next 30 years.
The joint venture with the council, worth a potential 拢1bn, has still to be approved by the council but Morgan Sindall Investments said its appointment followed 鈥渁n extensive and competitive procurement process in which it saw off 15 rival firms鈥�.
Once approval is given 鈥� a decision is expected in a matter of months 鈥� Morgan Sindall鈥檚 Investments arm will provide funding to help the council speed up the delivery of new homes and a range of other improvement projects.
The JV is the fourth Morgan Sindall Investments has been involved in. It is currently working with Bournemouth, Hertfordshire and Slough.
Brentwood council is acting as a central purchasing body through which other local contracting authorities in Essex may procure a similar partnership with Morgan Sindall Investments.
Once it is approved Morgan Sindall said the JV would retain and manage certain developed properties 鈥渁nd there will be opportunities for the council to acquire properties, including affordable housing鈥�.
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