Financial Close of Leeds Independent Living PFI Consortium

Gleeson (GLE.L), the urban regeneration specialist, is pleased to announce, as part of the Leeds Independent Living Consortium (the "Consortium"), in which it has a 33% equity stake, that financial close was achieved on Monday 9 June 2008.

The 25 year housing Private Finance Initiative (PFI) between Leeds City Council and the Consortium will see 73 houses, bungalows and small blocks of flats built across Leeds in phased developments. In addition, the Consortium has awarded Gleeson, through its wholly-owned subsidiary, Powerminster Gleeson Services Limited, a 25 year facilities management contract with estimated revenues of circa £46m at current prices.

Gleeson has now achieved financial close on four PFI regeneration projects. They are:

• Grove Village Limited, re Grove Village, Manchester in September 2003
• Chrysalis (Stanhope) Limited, re Stanhope Estate, Ashford, Kent in April 2007
• Avantage (Cheshire) Limited, re Cheshire Extra Care Homes in October 2007
• Leeds Independent Living Accommodation Company Limited, re Leeds Independent Living in June 2008

Powerminster Gleeson Services now has an order book in relation to these four projects, together with the Sheffield Family Courts and Manchester Energy Company, for facilities management services exceeding £140m.

Notes for Editors:

The Leeds Independent Living Consortium comprises:

Jack Lunn (Properties) Ltd - Construction being delivered by Jack Lunn (Construction) Ltd

Progress Care Housing Association - Housing Management

M J Gleeson Group plc - Facilities Management delivered by Powerminster Gleeson Services

Enquiries:

M J Gleeson Group plc

Paul Wallwork (CEO)

01252-360 302

Colin Rossiter (Group Business Development Director)
 
0114-242 8770

Bankside Consultants

Charles Ponsonby
  
020-7367 8851