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Published: November 2010

John Laing Integrated Services (JLIS) and Pinnacle PSG have today announced the sale of Equipe Regeneration Ltd (ERL) to Rydon Maintenance Ltd.

The sale of ERL includes contracted revenues of £153.4 million, where the minimum remaining contract length is 17 years.

ERL, which is a joint venture between Pinnacle PSG and JLIS, is a provider of refurbishment works, responsive repair and cyclical maintenance and lifecycle renewal services under long term contracts for the UK PFI social housing sector. The company currently operates in London across two housing regeneration projects on behalf of the London Boroughs of Newham and Lewisham, for which Regenter is project manager. These include Canning Town PFI and Brockley PFI projects that have been operational since 2005 and 2007 respectively; a third project on behalf of the London Borough of Lambeth, in respect of the Myatts Field North Housing PFI Project, is also in ERL's pipeline, which achieved Preferred Bidder status in December 2009.

Tim Grier, Managing Director, JLIS, said: "Having successfully completed the refurbishment phase at Canning Town and Brockley, the timing of the sale of Equipe to Rydon works well for all parties as the concessions enter the operation phase and will benefit from Rydon's operational expertise."

Neil Euesden, Managing Director, Pinnacle PSG, said: "We are proud of the achievements of Equipe and the contribution it has made to improve residents homes in Canning Town and Brockley. The sale of Equipe Regeneration Limited to Rydon will allow Pinnacle PSG to concentrate on its core social housing management business. We look forward to working with Rydon as a delivery partner."

Bob Bond, Chief Executive, Rydon Group, said: "We are delighted to have been able to acquire Equipe Regeneration Ltd and its associated contracts. This deal enables us to apply Rydon's proven skills and technology to these important contracts and to build on the high quality services already being provided by Equipe's team. This is also the first important step towards what we hope will be a long-lasting, business building relationship with Regenter Ltd, through which we can combine our respective skills to offer class-leading services to a wide range of clients".

About JLIS and John Laing
JLIS, which is a wholly owned subsidiary of John Laing plc, is a leading support service and facilities management business providing a full suite of operational services to public sector clients, spanning local authority, education, rail, police, health, and parks.

John Laing plc is a specialist provider of facilities through public private partnerships with a long-term perspective and approach. The company manages and delivers 72 projects from planning and funding through to design, construction and operation. It is actively involved in the management of a wide range of health, regeneration, education, police, rail, roads and special purpose government facilities, both in the UK and internationally.
http://www.laing.com

About Pinnacle PSG
Pinnacle PSG is a leading private sector Registered Provider of social housing management. They manage over 20,000 homes for a variety of social landlords and provide operational facilities management services to a further 400,000 affordable homes.
www.pinnacle-psg.com

About Regenter
Regenter is a leading investor, operator and developer of housing-led, community-based regeneration schemes. Regenter specialises in working closely with our clients and developing best local solutions to suit each different community's needs, ensuring that projects are sustainable, affordable and deliverable.

As investors and managers of projects our returns are measured and aligned in accordance with the success of our local solutions in delivering real improvements within the communities we serve. Regenter is a 50/50 joint venture between John Laing and Pinnacle Regeneration Group.
www.regenter.com

Rydon
Rydon Maintenance Limited is a wholly owned subsidiary of Rydon Group Limited. Rydon is a successful construction, development, maintenance, investment and management group operating throughout England. Rydon works across a wide range of market sectors within the built environment including social housing, new homes, health and education. Rydon Maintenance is a provider of maintenance and refurbishment services to social housing landlords and health authorities throughout the England, and currently maintains over 28,000 social housing properties.
www.rydon.co.uk

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