DLA Piper has advised Leeds County Council on the successful close of its social-housing regeneration project for areas to the north and south of Leeds city centre, with a capital value of £138.5m.
The Sustainable Communities 4 Leeds (sc4L) consortium will deliver the project.
The DLA Piper team has advised the council since 2006 on the procurement of the project, which will see the areas of Little London, Beeston Hill and Holbeck regenerated with more than 1,200 council homes refurbished, 388 new council homes built and environmental improvements to local neighbourhoods and estates.
The 20-years-and-three-months contract is the first bond-financed private finance initiative (PFI) to be closed in the UK market since 2008. The bond is guaranteed by Assured Guaranty.
The DLA Piper team was led by partner Robert Smith, who was assisted by associate Amy Bowers, legal director Chris Baker and associate Paul Laverty, all from Leeds. London partners Sharon Smith and Martin Bartlam, along with senior associate Chris Godwin, advised on the bond financing.