Morgan Sindall preferred bidder for £400m deal

4th Nov 2009 08:23

Construction and regeneration group Morgan Sindall said Esteem, a joint venture comprising Morgan Sindall Investments (MSIL), Robertson Capital Projects and the Sewell Group, has been appointed as preferred bidder by Hull City Council for their £400m PFI Building Schools for the Future (BSF) programme.The 25-year concession involves the delivery of 17 schools comprising seven newly built schools and major refurbishments to a further ten schools.Morgan Sindall's construction business, Morgan Ashurst, is a key delivery partner on the project alongside Sewell Construction. The value of the project to Morgan Ashurst is approximately £200m. Construction work will begin in February 2010 and is expected to complete in January 2014.MSIL will invest equity and sub-debt of £2.5m into the delivery of the first school and the establishment of the Local Education Partnership, with further investment expected throughout the duration of the programme.'This award demonstrates Morgan Sindall's continuing strength in the education sector and our ability to deliver projects that require integrated investment and construction capabilities,' said chief executive Paul Smith.'We look forward to working with our construction partners and Hull City Council to create exceptional, sustainable learning facilities for the people of Hull.'