Regenter secures better homes for Canning Town
06 June 2005
Regenter has signed a £59 million regeneration and housing deal to refurbish and manage over 1000 council homes in Canning Town, Newham, London. Regenter’s wholly owned subsidiary, London City East Partnership Limited (LCEP) will be responsible for refurbishing the homes to Decent Homes Standard, and managing and maintaining these properties, along with an additional 200 right-to-buy homes for the next 30 years.
LCEP will take over the management of the estate in June 2005. Refurbishment work will start shortly afterwards and will take three years to complete. Refurbishment to the properties will include new kitchen and bathroom fittings - with windows, heating and other key components being upgraded as necessary.
This is the second deal for Regenter to reach financial close since it was formed in April 2004.
Andrew Charlesworth general manager for Regenter stated “We are extremely pleased to finally be able to start work on delivering improvements to people’s homes and the communities that they live in. We will work tirelessly to ensure that this project is a success for the residents of Canning Town.”
Newham’s Mayor Sir Robin Wales said: “The PFI project is a key element of Newham’s housing strategy. It will make an important contribution to our plans for bringing every council dwelling in Newham up to the Decent Homes Standard by 2010 as well as helping to tackle anti-social behaviour and make Canning Town a more attractive place in which to live. “The project will also form a major part in our exciting programme for the regeneration of Canning Town as a whole. It has already benefited from the involvement and enthusiastic support of local people. “There was an extensive consultation process in which everyone had a chance to have their say and residents have been closely involved in preparing the specification and choosing the contractors.”
Notes to Editors
1. Regenter is a joint venture between Equion, a division of John Laing plc, and UK Pacific Investment Management (the majority shareholder in Pinnacle psg).
2. The London City East Partnership Limited (LCEP) comprises Regenter Ltd, (as equity provider), Pinnacle Housing (for neighborhood and housing management), Equipe (for refurbishment and reactive repairs), Dexia (as lenders), Pinsents (as lawyers) and PWC (as financial advisors).
3.Equipe is a new joint-venture between Pinnacle Maintenance Services Limited and Equion FM Limited.
4. The Better Homes Standard is a standard set by ODPM.
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