A consortium of lenders led by Maybank is set to provide the first syndicated shariah-compliant construction financing worth $219M for the development of a luxury residential tower in Manhattan, New York.Maybank was selected as a joint lead arranger along with Warba Bank of Kuwait for the syndication, which includes lenders Intesa Sanpaolo of Italy and an affiliate of MSD Partners.The funding includes a $174M senior construction loan and a $45M mezzanine loan, which will be used for the construction of the Tribeca condominium tower, a 43-storey building to be developed by Soho Properties and located at 45 Park Place, Manhattan. Maybank group head of global banking Amirul Feisal Wan Zahir said: “This syndication is a milestone being the first shariah-compliant construction financing in New York City, and it reaffirms our ability to offer value-creating Islamic banking solutions for global clients.“As one of Asia's leading banking groups, we have been at the forefront in financing major infrastructure and property development projects across many countries.”Construction on the 665ft-tall glass and steel tower will start in mid-2016 and is set to be complete in 2018.
NHS Orkney has selected Robertson Capital Projects as the successful bidder for the construction of the new £60M plus hospital and healthcare facility at the Balfour Hospital in Kirkwall, Orkney Islands.Robertson Capital Projects will be responsible for the design, construction and maintenance of the purpose-built facility. According to NHS Orkney, the new facility will contribute to high-quality care, while improving the experience for patients, staff and visitors. All clinical and educational areas will feature videoconferencing facilities to support more patients benefitting from services being delivered in Orkney and to ensure that the hospital staff can connect with health specialists nationally and training opportunities. Robertson Capital Projects’ managing director Neil McCormick said: "We are delighted that Robertson has been selected to work with NHS Orkney under a 25-year partnership arrangement to deliver this significant investment. This is the start of a long term relationship."Over the coming months we will work together with all stakeholders to finalise the proposals for the design, construction, funding and maintenance of the project with a proposed start on site later this year."
Larsen & Toubro's construction unit has secured contracts worth INR24.16bn ($355.5M) across various business segments in June 2016.The building & factories business segment has won orders worth INR11.65bn ($171.4M) for a high-rise residential project from a Mumbai-based developer.The scope of work will include the civil and structural works for the construction of two residential towers, each having three basements, seven podiums, 66 floors and other ancillary buildings.The business has also secured a contract for the construction of a mixed-use development from a customer in Kolkata. The project will involve the civil and structural works for the construction of two towers of 15 and seven floors respectively, with two levels of common basement.The unit’s power transmission & distribution business has won orders worth INR11.2bn ($164.8M) in the domestic and international markets.The business has secured an engineering, procurement and construction (EPC) contract from a customer in the Middle East. The scope of the work will include the construction of a medium voltage overhead line, which will enhance the reliability of the existing network.On the domestic market, the unit has been awarded contracts from Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL) in Uttar Pradesh. The first contract includes the construction of 33kV substations and associated lines in Ghaziabad, while the second contract involves rural electrification, including feeder separation works in Meerut.The smart world & communication business has won a contract valued at INR1.31bn ($19.2M) from RajCOMP Info Services for establishing and commissioning command & control centres at Bikaner, Bharatpur and Jodhpur cities under the Surveillance and Incident Response Project.
UAE-based Arabian Construction Company (ACC) has been awarded a contract to build Mashreq Bank new headquarters in Dubai.The 151m-tall tower will be built within a period of 28 months and will feature four basements, a ground level and 35 additional storeys.The L-shaped structure, with a square top crown by Skidmore, Owings & Merrill’s Chicago office, will cover a plot area of 4,868sq m and a total built-up area of 71,292sq m. Ghassan Merehbi, ACC’s chairman, said: “We are delighted to be working with one of the best-known banking industry names in the Middle East, and to be able to add Mashreq Bank headquarters to our portfolio of noteworthy projects across the UAE.”Mashreq will relocate from its current headquarters in Deira, where it has been operating since its establishment in 1967, to the new building as soon as it is completed. HE AbdulAziz Al Ghurair, Mashreq’s CEO, said: “The planned tower is testament to the growth we have witnessed over the last 50 years, which has in many ways mirrored that of both Dubai and the UAE.“In a short space of time, the country has established itself as an international gateway for trade and banking, and we’re confident in its ability to maintain its momentum, allowing us to continue investing in our business and talent across the country and wider region.”Construction work is expected to commence in December 2016, with its completion expected in April 2019.
Legal & General Property (LGP) has entered into a partnership with Mitsubishi Estate London to build the £275M Hammersmith office scheme in London, UK.LGP has sold a 50% stake in the project, due to start next month, to Mitsubishi Estate London — forming the third partnership between both companies. The 23,000sq m building project has planning consent from Hammersmith & Fulham Council and will consist of a basement, ground and 11 upper-storeys, and an extensive public realm, including a new urban park and plaza.It will also include four shop or leisure units and an 110sq m work lobby café.Simon Wilkes, LGP's head of business space development, said: “245 Hammersmith Road will be much more than just an office building; we are creating a destination with modern working and lifestyle trends at the core of our thinking. "There is still a lack of Grade A development taking place which means we are set to benefit from rental growth. “We are already seeing high levels of interest from blue chip occupiers, who are particularly drawn to the design and location of the scheme, especially given the competitive nature of the rents compared to the West End."The scheme, designed by Sheppherd Robson, is expected to be complete by the first quarter of 2019.<iframe src="https://timetric.com/c/HHEXNFX/chart/" style="width:500px;height:350px;border:0;" frameborder="0" scrolling="no"></iframe>
Veidekke and its subsidiary Arcona have won a contract to build Vitartes’ St Erik's Eye Clinic in Stockholm, Sweden. The SEK1bn ($116.3M) contract will be executed on a turnkey basis, with its first part, valued at SEK320M ($37.2M), set to commence immediately.The facility will be connected to the new Karolinska Hospital, an area where a number of other development projects are being carried out. The new 42,000sq m clinic is expected to achieve the Sweden Green Building Council's Gold Standard certification.Arcona’s CEO Jeanette Saveros said: "We are proud to have been selected to undertake yet another major project with Vitartes. This strengthens our position as the leading builder of large projects with challenging external framework conditions."Here our collaborative model with involvement and VDC comes into its own where we combine and exploit the group's broad expertise."Planning and design work have already begun, and the new building is set to be complete at the 2019/2020 turn of the year.
Broadbridge LA joint venture has secured a $164.5M loan from Jamestown to redevelop the 102,000sq m Broadway Trade Center in downtown Los Angeles, California.The loan will be used to support the eight-storey building’s extensive refurbishment, which is currently in progress. Plans will also include a food marketplace, bars and restaurants, retail space, a hotel, a rooftop park and flexible office space with large floorplates.Jamestown’s president Michael Phillips said: “The Broadway Corridor is poised to make a comeback as the urban heart of Los Angeles, and we’re pleased that we can assist as a lender on this transformative redevelopment project.“We are committed to investing our resources in projects that transform spaces into true destinations through innovative mixed-use components, and we’re confident in the future of the Broadway Trade Center and the surrounding neighbourhood.”
UK-based house builder Hill has received planning approval from London Borough of Waltham Forest for its £100M residential project in East London, UK.The development, to be located in Lea Bridge, will include the construction of three residential towers, comprising 300 homes.Designed by Pollard Thomas Edwards Architects, the project will also feature 2,000sq m of commercial space and a gym. The site will benefit from the recently re-opened Lea Bridge rail station and new cycle routes — due to be created through Transport for London’s Mini Holland scheme.Hill’s chief executive Andy Hill said: “East London remains one of the capital’s most exciting areas for regeneration. “We’re tapping into this growing momentum, bringing homes, offices and a host of amenities to an area which previously suffered due to a lack of investment.“Working closely with the London Borough of Waltham Forest, these proposals will breathe new life into the area, becoming a catalyst for further regeneration and investment.”Construction work on the site will start in autumn 2016 and will be completed in summer 2019 — with the first apartments launching for sale in early 2018.
AECOM’s unit Tishman Construction has been appointed to manage construction of an $1bn commercial office development in Manhattan, New York.The 1,401ft-tall skyscraper, called One Vanderbilt, will be located in the heart of New York’s East Midtown business district. The 58-storey building will feature 149,000sq m of Class A commercial space, a public transit hall at the base of the building connected to a 1,300sq m public plaza, and $220M of public transit improvements to the Grand Central transit hub.Upon completion, the project is expected to be the second-tallest office tower in New York City. Tishman will construct the office building, expected to achieve LEED v4 Gold certification, for New York City-based commercial property owner, SL Green Realty Corp. AECOM’s chairman and CEO Michael Burke said: “As the quintessential New York builder, we are proud that SL Green is entrusting us to build this iconic structure that will help reshape the skyline.“We are excited to extend our expertise in delivering the highest-performance buildings as part of the dramatic transformation underway in Midtown East, one of the premier business districts in the world.”Construction work is set to commence in 2016 and is expected to be complete in 2020.
UK-based developer Elliot Group has unveiled plans to construct three 34-storey residential towers in Liverpool.Designed by architects Falconer Chester Hall, the development, to be located on the northern gateway to Liverpool’s business district, will feature more than 1,000 new homes. The £250M project, set to become the largest single private housing project in the city, will be developed on land acquired from Liverpool investors, the Smith family, on Leeds Street.Elliot Group director Elliot Lawless said: “We wanted to create a statement of confidence for people entering the city.“If our proposals are approved then they will go a long way to helping Leeds Street fulfil its potential as a dramatic gateway along the northern edge of the city centre.”Elliot is now in discussions with Liverpool council’s planning and design officers and expects to submit a planning application in early September.
Finnish construction company YIT has announced that the Mall of Tripla project in Helsinki secured a €300M financial package.The financial package will be provided by a group of banks, including the European Investment Bank (EIB), the Nordic Investment Bank (NIB), Danske Bank and Handelsbanken.The €600M shopping mall is set to become the largest shopping centre in Finland in terms of the number of retail spaces.It will have 85,000sq m of leasable floor area for a total of 250 tenants, and a car park with 2,300 spaces. The development will feature new solutions for recycling, water treatment and waste processing, allowing the constructors to apply for a Platinum-level LEED certification. The project is expected to be completed in late 2019.
Wigan Council’s planning committee has approved phase one of the £300M North Leigh Park regeneration scheme in Leigh, Wigan.The long-term plans for the 185-acre North Leigh Park — to be delivered through a private-public partnership between Guernsey-based Long Port Group and Wigan Council — include 1,800 new homes.Phase one will deliver 162 new homes, along with a new access point, green open spaces and wildlife habitat.Additionally, the project will feature a 51,000sq m business park, 19-acres of green infrastructure and a community centre.The approval of the first detailed plans follows the granting of outline planning permission in February 2013.Full remediation of the site is anticipated to take 18 to 24 months and will be completed in 2018.
UK-based developer Ashfield Land has received planning approval from South Gloucestershire Council to construct an £100M office building at Bristol Parkway Station.The 19,000sq m HQ office project, named The Approach, will be developed on the site located off Hunts Ground Road, immediately east of Bristol Parkway Station.Ashfield Land believes that the project’s rail connections will be maximised with the electrification of the Great Western line — which is set to reduce journey times and increase frequency to London and other destinations into South Wales — and the opening of Crossrail in 2017/18. A new link road will also be built offering direct access to the M32.Ashfield‘s land director James Digby said: “Bringing 19,000sq m of excellently-connected office space forward is a strong sign of confidence in the Bristol occupier market. “The area has a strong track record in attracting major organisations particularly in financial services, defence and aerospace. The approved plans maximise the site’s location and public transport connectivity and will offer a stand out scheme for any corporate occupier.”The project is expected to be complete in 2018.
Whaha Capital subsidiary Waha Land has signed an AED426M ($116M) financial deal with Emirates Islamic Bank for Stage 2 of its Almarkaz light industrial real estate project in the United Arab Emirates.The 1.5sq km development is located 25km south of Abu Dhabi city. Stage 2 of the project, to be built in two packages, will include an additional 187,000sq m of premium industrial and logistics facilities, as well as retail and commercial amenities.Package 2a, to be delivered by Ali & Sons Contracting L.L.C, consists of 92,500sq m of industrial and logistics facilities, and retail and commercial amenities. The first buildings will be available for occupancy in June 2017, while the entire package is expected to be complete by the fourth quarter of 2017.Further development will include flexible industrial building sizes, fitted industrial units, warehouse and storage facilities, commercial offices and food beverage outlets.Hazem Saeed Al Nowais, Waha Land’s chief executive officer, said: “Almarkaz has proven extremely popular because of the quality of the facility, and its excellent location as a hub in transport infrastructure.“This success has enabled the project to achieve attractive financing. Building on the success of Stage 1, we are moving ahead with our planned development, which aims to meet the needs of the Abu Dhabi manufacturing and logistics market in addition to SME’s.” Almarkaz’s Stage 1 comprises 90,000sq m of industrial and logistic units, which are already fully leased.
Strabag’s Swiss subsidiary has secured an €100M contract for the construction of an office building and a production building for Siemens in Zug, Switzerland.The contract, awarded by Siemens Real Estate, will be executed on a design and build basis with Strabag AG Switzerland serving as the main contractor for the project.The office building will be constructed using building information modelling (BIM), which guarantees a level of security in terms of cost, design and scheduling.The seven-storey facility will offer 31,700sq m of space on every floor for mechanical/electrical, seminar and conference rooms, as well as an underground car park.The four-storey production building will include production halls, laboratories and offices on 24,000sq m of floor area. An automated transport and storage system will be included on the basement level.STRABAG’s CEO Thomas Birtel said: “BIM.5D is the future of building. The aim of BIM is to digitally collect, combine and link all relevant data associated with the entire building lifecycle. This creates a building data model that basically is a giant synchronised database.“The model simulates for all involved how the building will change as construction progresses, which materials will be required in which quantities at what time, and what consequences could arise from late changes to the design.”Both buildings are to be completed in June 2018.
Skanska in a joint venture with Gates Construction has secured a $200M contract from Lee Memorial Health System to expand and refurbish the Gulf Coast Medical Center in Fort Myers, Florida.The project will include the creation of 34,000sq m of new space and about 4,500sq m of renovations. It will also involve three additional floors, as well as many horizontal expansions. Furthermore, the development will include a parking facility which will be able to accommodate 1,300 vehicles.Work on the project will commence in June 2016 and is set to be completed in February 2021.
Oxfordshire’s Vale of White Horse Planning Committee has approved Mace’s planning application to redevelop the former West Way shopping centre in Botley, Oxford, UK.The project, called West Way Place, is set to become a mixed-use retail centre, which will include 140 new homes, a 122-bed Premier Inn, 321 car parking spaces and a 1,325sq m Co-Op store.The development will also involve the construction of 262 university-related student rooms, a new Baptist church, and a new community centre incorporating a public library.Mace’s development director Huw Griffiths said: ‘The West Way Place planning consent is a genuinely community-led proposal shaped by an eight month public consultation which included four meetings of a Community Liaison Group, a series of Community Workshops and a public exhibition. “This consultation enabled community views to be fed into the proposals, guiding the plans at every stage of the design process. “We are particularly pleased that development at West Way Place will be phased so retailers will be able to continue trading throughout the redevelopment. “Mace are proposing a direct let leasing model for the student accommodation but also have interest from Oxford’s two Universities. Retail tenants will include a mix of new and existing tenants.”
Consultancy company Atkins has won a contract to help Old Oak and Park Royal project to become one of the most sustainable urban developments in the UK.The London-based project will include the construction of over 25,500 new homes with a capacity for 65,000 jobs.Atkins is working with Old Oak and Park Royal Development Corporation (OPDC) and its cost and project management consultancy, Faithful+Gould, to develop environmental sustainability targets for the project.The sustainability targets will be based around urban form and public space, transport, energy, waste and materials, water and green/blue infrastructure themes.Sean Lockie, Faithful+Gould’s sustainability director, said: “Old Oak and Park Royal is a massive opportunity for London to do things that haven’t been done before. “It means creating a vision, which sets out clear goals, such as being healthy to live in, flexible over time, affordable, comfortable, and being energy and resource efficient, and then taking a systematic approach to delivery. “We’ll need to come up with some new business models to achieve this but in doing so we have a great opportunity to make a real difference to people’s lives.”Atkins will deliver the final sustainability report to OPDC in September 2016.
A Salini Impregilo-led consortium has won a $955M contract from Kuwait’s Public Authority for Housing Welfare to build an urban residential development in Kuwait.The contract forms part of the South Al Mutlaa Housing Project and includes the construction of 12,000ha of residential development about 40km northwest of Kuwait City.Upon completion, the project will provide accommodation for 400,000 residents. The project will also see the construction of 150km of roads and related structures, numerous art works, lighting infrastructure, water distribution, rainwater gathering and sewage systems, and other civil works.
GE Aviation has started construction on two adjacent factories to mass-produce Silicon Carbide (SiC) materials in Huntsville, Alabama. Estimated to cost more than $200M, the two factories will be constructed on a 100-acre site. One of the plants will produce silicon carbide (SiC) ceramic fibre, while the second will use this SiC ceramic fibre to produce the unidirectional CMC tape necessary to fabricate CMC components.GE Aviation’s vice president Sanjay Correa, who leads the industrialization of advanced technologies, said: "GE Aviation is creating a fully integrated supply chain for producing CMC components in large volume, which is unique to the United States."The new factories in Alabama are vital to this strategy. We are deeply gratified by the tremendous local, state, and national support for this effort."Construction work is expected to be complete by the first half of 2018, with production set to commence on that same year. Once fully operational, the plants are anticipated to employ up to 300 people.