Re Contract

RNS Number : 5211A

Galliford Try PLC

02 April 2012

 



GALLIFORD TRY REACHES FINANCIAL CLOSE ON £347 MILLION GATESHEAD REGENERATION PROGRAMME

Galliford Try plc, the housebuilding and construction group, announces that it has reached financial close on the £347 million Gateshead regeneration programme announced in April 2011.

Galliford Try's consortium with Gateshead Council and housing association Home Group will now form a Local Asset Backed Vehicle to build 2,400 homes and associated community facilities, for both private sale and affordable housing.

Work is expected to start on the first sites later this year and continue over the next 15 years, with the first package of three sites seeing the development of 318 homes, 55 of which will be for affordable tenures. All homes will exceed current Homes & Communities Agency space standards.

Galliford Try chief executive Greg Fitzgerald commented:

"We are delighted to have reached an agreement with our partners to build this much-needed housing in the Gateshead area. We believe that this new local asset backed model with Gateshead Council and Home Group represents an innovative solution to enable Galliford Try and its partners to significantly improve affordable homes supply and sustainable communities in the North East."

For further enquiries:

Galliford Try -                 Greg Fitzgerald, Chief Executive                 01895 855001

                                    Frank Nelson, Finance Director

                                    Louise Mantio, Communications Director

Note to Editors

Galliford Try has annual revenues of £1.3 billion in housebuilding and construction.

The Group's construction order book is £1.6 billion.  £550 million is in building (covering health and education projects through to commercial buildings and sports facilities), £900 million in infrastructure projects (ranging from water, rail, highways and flood alleviation to renewable energy and land remediation) and £150 million in affordable housing contracting.

Galliford Try completed the £100 million refurbishment and rebuilding of St Pancras Chambers in London and the new Court 3 as part of its long term work with the All England Lawn Tennis Club at Wimbledon.  It has recently been appointed preferred bidder for the £80 million 'Resort World at the NEC' project for Genting UK and is building the £790 million Forth Road Crossing project in a four party consortium.

The Group's housebuilding business, Linden Homes, develops distinctive homes across the south and east of England.  It completed 2,200 homes in its last financial year, has a landbank of 10,700 plots and is currently undertaking a significant programme of growth.

 

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