John Laing reaches financial close on Polish A1

The Gdansk Transport Company (GTC), in which John Laing has a 29.6% stake, has reached financial close on the £483m project to design, build, finance and operate the A1 motorway in Poland.

The A1 project comprises two phases. Phase 1 is the 90km new road from Gdansk to Nowe marzy in northern Poland with a 60km extension to Torun. Construction starts immediately and completion is scheduled for 2008. The concession period runs for 34 years to 2039. Arrangements for phase 2 will be finalised later this year.

Laing Roads co-owns GTC with Skanska BOT, Polish property developer and contractor NDI and South African road developer and operator Intertoll.