Morgan Sindall Group (MSIL) has formed a £1 billion ($1.3 billion) partnership with Brentwood Borough Council to provide new homes and mixed-use developments on the U.K. local authority’s portfolio of land.
Through the partnership, MSIL will provide funding and commercial expertise to bring forward redevelopment. The partnership’s concession period is for 30 years.
The program is the largest and most significant project Brentwood Borough Council has ever undertaken. The council will be acting as a central purchasing body through which other local contracting authorities in Essex may procure a substantially similar partnership with MSIL.
MSIL will retain and manage certain properties that are developed, and there will be opportunities for the council to acquire properties, including affordable housing.
