The firms were selected as the preferred bidder in December 2013. Galliford Try plc will invest in the funding for the project and will provide ongoing facilities maintenance and lifecycle management services in operating the scheme.
Housing Management services for the project will be provided by Galliford Try's partner, the West Kent Housing Association.
The construction contract will involve the provision of seven schemes of supported housing across the county. Approximately 240 homes providing supported living for vulnerable adults across Kent, as well as communal facilities will be built by Galliford Try's Partnerships business.
The current value of the index linked investment to be made by Galliford Try over the 25-year course of the contract is in excess of £4 million (US$6.5 million).
The Facilities Management contract is anticipated to be worth over £36 million (US$60 million), providing approximately £1.5 million (US$2.5 million) of additional index linked income per annum to the Group.
Greg Fitzgerald, Galliford Try Chief Executive, stated:
We are delighted to have reached agreement with our partners at Kent County Council on this initiative and are now able to get the project underway. Extra Care remains an important sector for Galliford Try and we look forward to providing the high quality homes and facilities that Kent's residents deserve.