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Tue March 02 2021

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Financial close for Eric Wright's £100m Stoke housing PFI

14 Jul 14 Construction is ready to start on a £100m housing PFI in Stoke-on-Trent, with the deal having reached financial close.

The Sapphire consortium, led by Eric Wright Group, was chosen in January by Stoke-on-Trent City Council to finance and build three retirement villages.

Eric Wright Construction and Seddon Construction will work together to build 390 extra care apartments in villages at three sites in Burton, Abbey Hulton and Chell in Stoke-on-Trent. Completion is scheduled for 2016. Eric Wright will be responsible for maintenance of the facilities once they are completed.

The council has entered into a project agreement for 25 years with the Sapphire Consortium which also includes Your Housing Group and Kajima Partnerships.

Aviva, funding its first housing PFI project, provided £65m senior debt facility. Sapphire’s legal adviser was Pinsent Masons.

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