Projects
It is widely recognised that there is need for major investment in the UK’s infrastructure. Meeting that need, given the current challenging financial situation is going to require innovative solutions. Properly structured and at times complex projects will have to deliver solutions with minimal initial financial impact.
Complex projects need to be properly structured, well negotiated and expertly managed. Lawyers who understand the complexities and challenges of a transaction and the potential pitfalls are of vital importance. The 14 strong projects team at Speechly Bircham, through the experience and expertise of its lawyers, can deliver on this – and we’re not afraid to challenge the norm.
The team at Speechly Bircham boasts a track record of innovative projects and leading edge advice, combining technical excellence, a highly commercial no-nonsense approach and know-how of the relevant market sectors in which we specialise, for the benefit of our clients. Members of the team were shortlisted for “Best Adviser” at the 2009 LIFT Awards and the team has been shortlisted for “Legal Adviser of the Year” at the Health Investor Awards 2011.
We work with clients and other partners throughout the life cycle of a project, advising on project documentation, finance documents and where necessary any procurement issues. We work with clients during competitive dialogue and bidder selection and help them to structure transactions. We have a strong reputation for achieving financial close within a given timescale – however challenging.
Experience
Finchley Memorial Hospital
We acted for Elevate Partnerships Ltd, (which includes Assura, Galliford Try and Bilfinger Berger as its private sector investors) and its subsidiary project company on the funding and development of a brand new community hospital in Finchley procured under the LIFT framework. The hospital will replace the old Finchley Memorial Hospital and is designed to suit 21st century healthcare needs. The deal closed in September 2010 and is held out by the Department of Health as an example of good practice on how to deliver LIFT projects under the Department’s new business case guidance rules.
Social Housing PFI
We are acting for Higgins Group, as main contractor and a joint venture development company (between Higgins Group and Pinnacle Group) in relation to a large mixed tenure housing PFI in London. This project is due to reach financial close in the spring of 2011 and is likely to be one of the last social housing PFIs of its kind to be delivered in the foreseeable future. The use of a single purpose development company to sit alongside the project company and take the risk on the delivery of a large number of housing units will reduce the financial burden on the public sector purse.
Akerman Road Health Centre
This was a complex transaction involving both Lambeth PCT and the Lambeth Council for the funding and development of a large scale primary care centre. We advised the project company, Building Better Health (Lambeth, Southwark and Lewisham) Ltd instructed by its private sector shareholder Fulcrum Infrastructure Group. The deal was especially complex given the need to balance the requirements of all the different stakeholders and meet timescales imposed due to the adjoining Social Housing PFI. It was delivered through the LIFT framework.
Liverpool and Sefton Health Partnerships
We have acted for Liverpool and Sefton Health Partnerships in relation to three separate projects which will deliver three new primary health care centres and a joint services centre in Merseyside. The first was a co-located health centre, library and educational centre in Childwall. This scheme involved Liverpool City Council, NHS Liverpool and Childwall Sports College. To ensure the Council could retain the funding they had available, we had to make sure we reached financial close by July 2010, which meant delivering the scheme from commencement to close within 4 months – a goal we are proud to have achieved. The second project related to the development of two primary care health centres in Anfield. Again this scheme was completed in a very tight timeframe, having closed in November 2010, just three months from commencement. The third was a further health care centre in Anfield with the project reaching financial close in early February 2011 against just three months after commencement of legal work.
Acute Hospital Development Project in South East England
We are currently advising two of the principle investors in the UK healthcare projects market on the creation of a public private partnership joint venture, supporting them through the pre-bid and competitive dialogue stage. If successful, our client will be involved in the redevelopment of part of one of the largest hospitals in the South East and the ongoing management of the non-clinical estate, with the aim of securing additional income streams and capital receipts for this Foundation Trust.
Joint Services Centre in London
We are currently acting for the project company (instructed by its private sector shareholder) to bring forward to financial close a project to deliver a new joint services centre in London which will include community accommodation, leisure facilities and a health centre. We have worked with our clients and the public sector advisers to help develop a creative solution; structuring the project within an existing framework and ensuring it can be achieved in an efficient and timely manner. The project includes considering and developing solutions to deal with some complex land issues.