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Slough searches for £1bn regeneration partner

Slough Borough Council is looking for a private sector partner for a major regeneration programme which could be worth up to £1 billion over 15 years.

The construction and regeneration work is being procured via an innovative finance model know as a Local Asset Backed Vehicle which has become the best known of the asset-based project finance models. The basic principle behind a LABV involves capturing the underlying increase in the value of assets for capital investment.

The Slough tender encompasses architectural, construction, engineering and inspection services, as well as the development of residential and non-residential real estate.

The scope also includes the construction of a stadium, cinema and shopping centre as well as arts and cultural buildings.

The contract will be in the form of a joint venture between the contractor and the council.

The special purpose vehicle formed by the joint venture may be required to contribute to achieving the council’s social and environmental policy objectives through recruitment, training and supply-chain initiatives. It will also be required to work towards the council’s aims for regeneration.

Between three and five operators are expected to be invited to bid for the partnership. Contractors have until 9 January 2012 to participate.

In October, Sir Robert McAlpine pulled the plug on a regeneration LABV with Torbay Council worth around £400 million.

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