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Amey invests in PFI consortia

FACILITIES MANAGER Amey has set up a new division to take over contractors' investments in private finance initiative projects and to manage concessions.

It also plans to earn fees by putting together successful bid teams for PFI concessions.

The new division, known as Amey Ventures, will buy stakes in PFI consortia from contractors. It expects these firms to seek to cash in their investments after completion of the high risk construction phase of a project.

Initial targets are the first DBFO roads, several of which have been in operation since early last year. These projects are expected to be refinanced later this year to take account of their lower risk profile following construction completion.

Amey's investments in these projects will add to stakes it already has in existing concessions, notably the A19 and M6 DBFO roads.

At the same time Amey Ventures, headed by civil engineer Dimitrios Hatzis, will look for potential new PFI projects. It will then negotiate concession terms with the Government before bringing in other investors to boost the equity contribution to the finance package. It plans to charge investors in these schemes a success fee for bringing the deal to completion.

Amey plans to use its experience in facilities management and as a Super Agency term maintenance contractor to help it manage newly acquired PFI concessions.

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