DLA Piper has advised Aviva on its funding of the Stoke-on-Trent extra-care PFI scheme, which has reached financial close.
The £75m capital value project-financed care infrastructure scheme is set to deliver 390 extra-care, sheltered accommodation apartments for the elderly in Stoke-on-Trent and is designed to enable tenants to live an independent life in a socially supportive environment.
The Sapphire Consortium, which was appointed by Stoke-on-Trent Council to develop the extra-care villages, has commenced work with completion expected in 2016.
The consortium comprises Eric Wright Construction and Seddon Construction, which will develop the 390 apartments, alongside housing provider Your Housing Group and Kajima Partnership, which will manage the properties in partnership with Stoke-on-Trent Council upon completion.
The project is Aviva’s first transaction in the social-housing/care sector and forms a major part of Stoke-on-Trent’s regeneration and care agenda.
Finance and projects partners Nick Helm and Stuart McMillan led the team. Support was provided by real-estate partner Robert Arnison, senior associates Sarah Armstrong and Michael Urquhart and associates Abigail Mathews and David Wall.