Cofely acquires Lend Lease FM assets
Cofely has become one of the UK’s largest providers of technical services PFI (Private Finance Initiative) following the acquisition of Lend Lease Group’s UK facilities-management business. The acquisition was carried out as a share sales agreement and will provide an increased portfolio of long-term FM contracts in key public-sector and healthcare markets.
Over the next 25 years these contracts will provide Cofely with a guaranteed revenue stream of £2.5 billion. The transaction also gives Cofely a significant new lifecycle management capability to its business, which includes building fabric and major repair and replacement.
The new entity will operate under the Cofely brand.
This acquisition follows Cofely’s purchase of Balfour Beatty WorkPlace in late 2013 and significant contract successes in June 2014. These include a £300 million FM contract with Telereal Trillium for the Department of Work & Pensions portfolio and a long-term contract with BP for utility services at Sullom Voe Oil & Gas Terminal in the Shetland Islands.