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SFT outlines savings as £1.7bn pipeline cranks up

The Scottish Future’s Trust has a £1.7bn pipeline of work in procurement and has achieved savings of more than £130m in the last year, it announced today.

The body responsible for ensuring value for money across all public infrastructure investment in Scotland said it had delivered £500m-worth of cumulative benefits since 2008, in its annual benefits statement today.

Scotland was one of the few areas of growth cited by Morgan Sindall chief executive John Morgan last week and has been hailed for its Non Profit Distributing approach to private finance.

The body has led on two tax increment financing schemes getting off the ground with Glasgow City and Falkirk Councils. It said that public sector investment of £140m in the schemes will lead to £800m in additional private sector investment.

After construction started at the Buchanan Quarter in January 2013, a planning application was submitted by Land Securities for a £300m extension to its Buchanan Galleries shopping centre, which has now been granted.

In total, the SFT has a £2.58bn NPD pipeline, with procurement of £1.7bn of contracts at various stages of procurement and many set to get under way this year.

Scottish Futures Trust chairman Sir Angus Grossart said: “SFT has made remarkable progress in the relatively short period in which it has been operational, with the clear objective of delivering increased value on public sector infrastructure for Scotland.

“Central to SFT’s progress is that we have worked hard to establish strong strategic alliances with local authorities, health boards and other public bodies in Scotland.

“Those alliances allow SFT to bring additional investment and a strong professional ethos to help deliver public sector construction projects.”

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