Press Room
Grant Thornton advice instrumental to new property partnership
with Croydon Council
Grant Thornton's government and infrastructure advisory team is
delighted to have successfully advised John Laing plc in
successfully establishing a new long-term strategic property
partnership with Croydon Council. The £450m Croydon Council
Urban Regeneration Vehicle (CCURV), is the first example of a local
authority establishing an asset backed vehicle using an LLP
structure.
The scheme involves the Council injecting development sites in
return for equity and loan notes in CCURV with John Laing providing
matching funding. CCURV will then also raise external debt.
CCURV will be the development vehicle across multiple sites in the
Croydon borough with an aggregate planned development pipeline of
around £450m.
"Grant Thornton's expertise in financial modelling, tax, raising
property finance and local government procurement allied to a
practical, problem-solving approach contributed to a successful
closing following a tight competition against a Land Securities led
consortium," said Alex Yew, Investment Manager, John Laing.
"We expect that this model will be taken forward by other local
authorities seeking to exploit existing sites to deliver complex
regeneration projects," said Neil Rutledge, Client Service Director
at Grant Thornton.
The assignment was won and led by Neil Rutledge, client service
director with support from Bruce Mew, director and Kate Marston,
GIA manager. Substantial financial modelling support was provided
by the dedicated GIA modelling team led by Paulina Eliatamby.
Property taxation and VAT advice was provided by a team led by
Marion Cane under a separate engagement.