Wragge & Co’s Projects team has advised Amey on a £500 million public private partnership scheme to upgrade and extend the Scottish motorway network.
The scheme will see the construction of 12.4 km of new motorway and the upgrading of 16.2 km of existing road to motorway standard.
The scheme will help alleviate traffic congestion between Glasgow and Edinburgh and drive economic development in the region.
Acting for the main operating contractor Amey LG the Wragge & Co team advised on the drafting of an operation and maintenance agreement for the design, finance and upkeep of the central Scottish motorway system over the next 33 years.
The project will be funded through £400 million of debt financing raised partly through a bond issue by Allianz Global Investors and partly via a direct loan from the European Investment Bank.
Dominic Richardson, an associate in Wragge & Co’s Projects team led on the deal, supported by partner David Fennell.
David MacBrayne of Amey LG said: “This was a highly complicated and challenging transaction, Wragge & Co’s expertise of major highways schemes and their commitment and support were invaluable throughout the transaction.”
Wragge & Co’s 25-lawyer projects team also advised Amey on the £2 billion Sheffield Highways project.