International law firm Pinsent Masons acted for Bournemouth Borough Council in relation to the Local Asset Backed Vehicle (LABV) announced yesterday (Thursday February 17) in relation to the Bournemouth Town Center Vision LABV scheme.
The scheme, which will run for 20 years and has a development value of between £350 million and £500 million (approx. 415 million and 594 million), is a 50/50 joint venture Public Private Partnership between Bournemouth Borough Council and Morgan Sindall Group plc, the construction and regeneration group
The project will deliver a range of residential and mixed-use development including leisure attractions, new housing, shops and offices across 17 sites in the town center. MSIL will provide funding for the ongoing development of projects, matching the land value contribution of Bournemouth Borough Council. Surpluses generated by the partnership will be reinvested in improvements to the town's infrastructure and public spaces.
Scot Morrison, Partner at Pinsent Masons said: "We are delighted to have acted in relation to this LABV for Bournemouth Borough Council. Closing this latest deal, in conjunction with the leading edge LABV projects we have already closed as well as the guidance we have developed for Government bodies, clearly highlights that we are a market leader in this area. We are shortly due to close further LABV projects to add to our portfolio.
"The developing trend in this area clearly evidences the use of these types of model as a viable delivery mechanism for public sector assets in the current market climate."
Source: MJ2 Limited