The Miles Platting Neighbourhood PFI Project reached financial close on Thursday 22nd March, 2007.
The project was awarded over £56m PFI Credits in March 2002 for the refurbishment of council homes in the Miles Platting area of Manchester, including parts of Ancoats and Collyhurst.
Within the area covered, there are 1,864 council homes and 244 owner-occupied properties, bought through the ‘Right To Buy’ scheme. The Renaissance consortium is the SPV delivering the Miles Platting Neighbourhood PFI project, and remains responsible for managing and maintaining the homes for the next 30 years.
Renaissance has brought together a number of organisations including Adactus (previously Family Housing Association), a large local housing association managing over 2,500 homes in Manchester; Lovell, a national social housing contractor and developer; and PRP, a firm of architects with a track record of working with communities to improve the design.
The project has been financed with £71m of senior debt and an additional £8.2m of subordinated debt.
Operis provided financial model due diligence for the lenders, being Dexia Credit Locale and the SPV, Renaissance Miles Platting Ltd.