The Newham Social Housing PFI Project reached financial close on 27 January 2009.
The project was launched in response to the Government’s target to have all council-owned accommodation meeting the Decent Home Standard by 2012. The project involves £42 million of capital expenditure on the refurbishment of 1,400 homes in Forest Gate in the London Borough of Newham. The concession also includes the management of the properties for the next 20 years.
The Swan Housing Group was successful in winning the contract, with the Royal Bank of Scotland providing the senior debt.
Operis conducted due diligence on the financial model created in support of the transaction.
