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News Release

London

Jones Lang LaSalle Corporate Finance and Mill Asset Management Advise Invista plc on disposal of MoD PFI Project


London, 4th February 2011 – Jones Lang LaSalle Corporate Finance ('JLLCF') and Mill Asset Management ('Mill') are pleased to confirm that they have advised Invista plc on the disposal of its interest in the Castle Residential Portfolio to Grainger plc.
 
The portfolio, a legacy PFI Project which is held in a corporate structure, comprises 317 houses in the South West of England. It is let to the MoD under a PFI agreement which expires in 2028 at which point, unusually for a PFI agreement, the portfolio reverts to the owner.
 
JLLCF has been advising on options for the portfolio since March 2010, and were jointly instructed with Mill, a specialist PFI asset manager, to dispose of the portfolio in September 2010.
 
Barry Osilaja, Director of Jones Lang LaSalle Corporate Finance, commented: “We are delighted to have been able to assist in the disposal of this intricate corporate structure. In spite of its many moving parts, we were able to frame the offer in such a way as to create a wide range of interest in the process from Residential and PFI specialists, as well as Property Companies and Institutions. The purchaser has had a long-held interest in the asset, and was pleased to secure it after a competitive process.”
 
Tom Symes, Chief Executive of Mill Asset Management added: “The disposal of legacy PFI projects is often a complex process, and we are pleased to have been able to assist throughout.”