Balfour Beatty reaches financial close for £48 million North West Fire and Rescue Services PPP project
24 February 2011
Balfour Beatty, the international infrastructure group, announces today that it has reached financial close for the North West Fire and Rescue Services PPP scheme, the capital value of which is approximately £48 million.
North West Fire and Rescue Services comprises Cumbria County Council, Lancashire Combined Fire Authority and Merseyside Fire and Rescue Authority.
The 25-year concession will involve the design, construction, funding and provision of facilities management for 16 community fire stations, of which seven are in Merseyside, five in Cumbria, and four in Lancashire. As well as modernised operational facilities, the stations will provide resources for community use, such as meeting rooms, multi-function lecture rooms and gyms.
The stations will be constructed on a mixture of new and existing sites in a range of locations from rural stations with retained crews, to busy inner-city stations with full-time crews. Construction of five of the fire stations will begin in February 2011, with all construction work to be completed by 2013.
Commenting today Balfour Beatty Chief Executive, Ian Tyler, said:
“We are delighted that Balfour Beatty has reached financial close for the UK fire service’s biggest PPP project to date. The upgrade of the stations will help meet the changing needs and support the modern practices of the fire and rescue service, and provide a better environment for working, learning and training.
“We look forward to working with Cumbria County Council, Lancashire Combined Fire Authority and Merseyside Fire and Rescue Authority.”
Balfour Beatty will invest approximately £5.5 million of equity into the wholly-owned concession.
Balfour Beatty plc
Tel 020 7216 6924
Tel 020 7216 6883
Notes to Editors:
- Balfour Beatty has a substantial infrastructure investments portfolio. This portfolio consists of:
- Nine major hospitals
- 14 schools schemes in the UK, and a technical education centre in Singapore
- Seven roads schemes (including the N17/N18 Gort to Tuam roads scheme in Ireland (at preferred bidder) and four street lighting projects
- The London Underground power system
- A coastal defence pathfinder PPP
- Thanet offshore transmission network (at preferred bidder)
- North West Fire and Rescue, fire stations upgrade
- Barking Power Station (non-PPP)
- Exeter International Airport (non-PPP)
- Blackpool International Airport (non-PPP)
- 17 family housing projects for the US Army, Navy and Air Force, on or near bases located in 20 states and Washington, DC
- Florida Atlantic University student accommodation
- Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group with capabilities in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail).
The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction and facilities management services.
Balfour Beatty employs 50,000 people around the world.