The Sapphire consortium has achieved financial close of the Stoke-on-Trent extra care housing PFI project in Stoke-on-Trent City, UK.
International law firm Pinsent Masons advised the Sapphire Consortium to achieve financial close on the £100 million (US$171 million) PFI housing project.
Aviva, funding their first housing PFI project, provided the c£65 million senior debt facility.
Sapphire will build, finance and operate 390 extra care apartments over a 25-year period in partnership with the Council. The consortium, is made up of four companies:
The project is expected to be completed in 2016. Construction of the facilities will be undertaken by Seddon Construction and Eric Wright Construction with work starting immediately. Eric Wright will go on to maintain the facilities once they are completed.
Designs have been developed by PRP Architects, specialists in extra care design, using information compiled during dialogue with the council. The determination of the planning applications is expected early this year to allow a construction start date of spring 2014.
The villages will be created at three sites across the city for people aged over 55 and will be fully-occupied by 2017. The villages will offer spacious apartments within a community setting, with facilities on site and conveniently located transport links.