Product category:
Construction companies
News Release from: Mowlem plc
Edited by the Buildingtalk Editorial
Team on 20 July 2004
Mowlem Consortium Reaches Financial
Close On PFI
Ravensbourne Health Services Ltd, a consortium led by Mowlem plc, has reached financial close on a £285m, 30-year contract with Lewisham Hospital NHS Trust.
Ravensbourne Health Services Ltd, a consortium led by Mowlem plc, has reached financial close on a £285m, 30-year contract with Lewisham Hospital NHS Trust for a major programme of capital works and services at the University Hospital Lewisham, under the Government's Private Finance Initiative (PFI) Mowlem will begin work immediately on a £60m construction programme, scheduled for completion in Autumn 2006, after which it will deliver facilities management services
This article was originally published on Buildingtalk on 31 Oct 2003 at 8.00am (UK)
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The total-life value (inclusive of debt service) of the project to Ravensbourne, in which Mowlem will invest £3.7m for a 50% stake, is £285m.
This is the second major PFI project on which Mowlem has recently reached financial close, following its £315m Exeter Schools PFI project announced in March of this year.
Sir John Gains, Mowlem Chief Executive, said: "We are delighted to have reached financial close on another very significant PFI project.
The development of this hospital is greatly needed and we look forward to working with Lewisham Hospital NHS Trust to provide a high quality environment for patients, visitors and staff.".
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