Eversheds completes PFI deal in rapid time

Eversheds and Addle-shaw Booth & Co have closed one of the fastest PFI deals ever.
It took only 18 weeks from the appointment of a preferred bidder for Jarvis, advised by Addleshaw Booth & Co, to complete a deal to design, build, finance and operate a new community learning centre for the city of Sunderland. The city council was advised by Eversheds partners Mark Dillon and Graham Burns.
The deal is also one of the first to be endorsed by both the Department for Education and Skills and the Depart-ment for Transport, Local Government and the Regions.
Lawyers from nine departments and three offices at Eversheds worked on the deal, with the standardisation of PFI documentation enabling it to go through quickly.
Dillon said that, as more PFI deals are completed, the market expects to see procurement times and adviser costs reduced.
The community learning centre will occupy a new building in Sunderland and the inclusion of a surplus site will produce a reduced unitary charge for the council.