REG - BWP REIT PLC - Conditional Building Safety Fund Approval

FTI ConsultingAnnouncement

25/09/2023 08:15

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RNS Number : 4425N  BWP REIT PLC  25 September 2023

25 September 2023

 BWP REIT plc

("BWP REIT" or the "Company")

Conditional Building Safety Fund Approval

 

The Board of BWP REIT plc is pleased to announce that written confirmation
from the Department for Levelling Up, Housing & Communities has been
received, stating that the application to the Building Safety Fund ("BSF") has
been approved subject to meeting certain conditions, namely the signature of a
Grant Funding Agreement with Homes England to fund the remediation of the
non-ACM cladding at Bridgewater Place ("Grant Funding Agreement").

 

The Grant Funding Agreement outlines how funding will be made available to the
Company in four tranches once certain conditions are met, some of which the
Company has already completed. This includes the signing of a Works Contract
and Building Control Full Plans approval. Another tranche will be payable once
the project works are 50% complete and the remaining balance is payable on
practical completion. Once the Grant Funding Agreement is signed, it is
anticipated that approximately 80% of the total grant monies will be
transferred by the BSF. The exact amount of funding will be confirmed on
signing but the Board expects that this will be in excess of £5 million.

 

Edmund Craston, Chairman of BWP REIT plc, said: "This is great news for
Bridgewater Place. While we had always hoped the application to the BSF would
be successful, no receipts were factored into the original business plan.
These funds will enable the company to redeploy part of its original capex
allocation towards the wider refurbishment and modernisation works to the
building, further improving its attractiveness to occupiers. Our key focus is
on improving the amenity of the shared spaces and energy efficiency of the
building, creating a fully repositioned, high-quality asset which meets the
needs of the modern occupier."

 

 

 

ENQUIRIES

BWP REIT PLC

Edmund Craston - Chairman
               via FTI Consulting below

 

M7

Jack Thoms, Allan
Green                                                         +44 (0)
20 3984 0884 (tel:+44%2020%203984%200884)

 

WH Ireland Limited (IPSX Lead Adviser)
   +44 (0) 20 7220 1666

Chris Hardie, Darshan Patel

 

FTI Consulting (Financial and PR Adviser)
                         +44 (0) 20 3727 1000

Richard Sunderland
                        M7@FTIConsulting.com

Eve Kirmatzis, Oliver Parsons

 

Alter Domus (UK) Limited (Company Secretary)              +44 (0) 207
645 4800

 

 

The Company's ISIN is GB00BQ1NFW69.

 

Further information on BWP REIT plc is available at www.bwpreit.com/
(http://www.bwpreit.com/) .

 

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