Property: Maturing of the property PFI sector
Significant cost savings will encourage more property deals under the private finance initiative, say David Lee and Richard Powell
A significant percentage of signed deals under the private finance initiative (PFI) have involved property in one way or another. PFI projects that involve property provision as a core part of the service are not all identical. Property PFI can involve a wide range of types of transactions – from single site accommodation projects (such as the HM Treasury project), through to estates deals (such as DSS PRIME), to projects that involve the acquisition of land by the bidder as a means for it to deliver the relevant service (such as the Inner London Barracks project).Property PFI differs from other financing structures secured on property. Two points show the way forward to developing the property PFI market: such projects have already produced savings, as the National Audit Office (NAO) report on DSS PRIME shows; and the introduction of resource accounting and capital charging will give property PFI a greater impetus.
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