LONDON 3 August 2004 Read today’s legal news, law, law firm news & legal research on LAWFUEL— Kilpatrick Stockton announces today that it advised a consortium comprising Carillion Private Finance Limited and Prime LIFT Investments Limited on the contract for Birmingham & Solihull LIFT with a potential investment over 20 years of £100m.
The contract has been awarded by Partnerships for Health and five Primary Care Trusts (PCTs) in the Birmingham and Solihull area to Birmingham and Solihull Local Investment Finance Trust Limited (Liftco) and its subsidiary Birmingham and Solihull LIFT (Fundco 1) Limited (Fundco), each a company with a 60% shareholding by Carillion Prime Investments Limited and a 40% shareholding by five PCTs and Partnerships for Health. The contract relates to the design, build and operation of three health care centres and future capital works schemes across Birmingham and Solihull area.
Financial close was reached on 21 July 2004 and construction will commence from August 2004. The contract is for a period of twenty years, after which the PCTs have an option to extend the contract for a further five years.
The contract is to support the introduction of new solutions to the investment needs of community based care services through the setting up of a number of public/private joint venture companies to deliver improved facilities and services. The contract is central to the current policy of the DoH to implement such investment projects through Lift JVs. Birmingham and Solihull LIFT one of the second wave of Lift JVs of four waves.
The value of the contract to Liftco is a projected investment value of £100m across 20 years. For Fundco there is a capital value on the initial three facilities of approximately £15m. Carillion and Prime will provide a comprehensive building and infrastructure maintenance service and scheme development services, geared to improving the overall condition of primary health care facilities in the Birmingham and Solihull area.
About Kilpatrick Stockton
Kilpatrick Stockton LLP is a full-service international law firm with more than 470 attorneys in eight offices across the globe: London; Stockholm; Atlanta and Augusta, GA.; Charlotte, Raleigh and Winston-Salem, N.C.; and Washington, D.C. Kilpatrick Stockton’s delivery of innovative business solutions provides results-oriented counsel for corporations, from the challenging demands of financial transactions and securities to the disciplines of intellectual property management. Collaboration among Kilpatrick Stockton’s corporate, litigation and intellectual property attorneys provides knowledgeable and proactive guidance for companies at every stage of the business life cycle. For more, go to http://www.kilpatrickstockton.com
Michael Scott or Anthony Fine on 020 7154 6000
Prime LIFT Investments Limited
Telephone:01905 362 130