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MarketScreener Homepage  >  Equities  >  Nyse  >  Eli Lilly and Company    LLY

ELI LILLY AND COMPANY

(LLY)
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Eli Lilly and : Morgan Sindall - Construction to build new GBP19 million Basingstoke base for pharma giant

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09/04/2019 | 10:46am EDT

Morgan Sindall Construction has won a GBP19 million contract to build a new Basingstoke headquarters for international pharmaceutical blue chip, Eli Lilly and Company.

Located within the Basing View Enterprise Zone, the 45,000 sq ft five-storey commercial building will provide Grade A workspace and a new home to the pharma giant, which has counted Basingstoke as key to its global operation for 80 years.

The main contractor is carrying out the work for Basingstoke and Deane Borough Council, and Morgan Sindall Group sister company, Muse Developments. The mixed-use regeneration specialist and local authority are working in partnership on a 10-year strategy to deliver more than 650,000 sq ft of new developments.

Designed by architect TP Bennett, the building will be owned by the borough council and will be the second-largest commercial asset in its portfolio.

The development is the first project to be supported by the Invest to Grow Fund, set up by the council in 2016 using GBP25 million from long-term investments, in addition to funding from the Enterprise M3 Local Enterprise Partnership.

Eli Lilly's commitment to the area represents a huge vote of confidence in both the wider Enterprise M3 corridor's knowledge economy credentials, and plans for the Basing View Enterprise Zone, keeping hundreds of jobs in the town and supporting 200 jobs during the construction process.

The lease is also significant as the building is the first pre-let commercial property in the M3 corridor in almost a decade.

In addition to the Grade A workspace on the upper levels, the ground floor of the building will house a retail unit.

Morgan Sindall Construction is also building a shared 288-space multi-storey car park and carrying out landscaping work to improve the public realm.

Construction work is now underway and expected to complete by the end of summer 2020.

James York, area director at Morgan Sindall Construction, said: 'Civic leaders are always looking to attract and retain the globally-significant companies which can provide high-value jobs and act as anchor institutions for the business community. Providing well-designed, modern commercial buildings and Grade A workspace is key to this - and a brief we are well versed at fulfilling.

'We're incredibly pleased to be working with Muse Developments and the council on this project and look forward to the building taking shape over the coming months.'

Chris Scott, development director at Muse Developments, said: 'We're excited to be breaking ground and starting the next stage on the journey to create a new Grade A business district for the borough. We're looking forward to working closely with both the borough council and Morgan Sindall Construction over the coming months, to deliver a quality new home for Eli Lilly and Company.'

Cabinet member for regeneration and property at Basingstoke and Deane Borough Council, Councillor John Izett, said: 'I am delighted to see work now underway on a new headquarters for one of the borough's largest employers.

'This is an important milestone in our ambitious regeneration of Basing View and it is an invitation to other major international companies to look at what Basingstoke now offers as an increasingly attractive business location.'

Contact:

Email: daly@thisisinfluential.com

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ELI LILLY AND COMPANY 0.17% 108.64 Delayed Quote.-6.12%
MORGAN SINDALL GROUP PLC 2.32% 1236 Delayed Quote.17.27%
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Financials (USD)
Sales 2019 22 226 M
EBIT 2019 6 071 M
Net income 2019 8 146 M
Debt 2019 11 234 M
Yield 2019 2,32%
P/E ratio 2019 12,4x
P/E ratio 2020 17,0x
EV / Sales2019 4,98x
EV / Sales2020 4,53x
Capitalization 99 453 M
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Number of Analysts 16
Average target price 127,33  $
Last Close Price 108,64  $
Spread / Highest target 33,5%
Spread / Average Target 17,2%
Spread / Lowest Target -14,4%
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NameTitle
David A. Ricks Chairman, President & Chief Executive Officer
Myles Oneill Senior VP & President-Manufacturing Operations
Joshua L. Smiley Chief Financial Officer & Senior Vice President
Timothy J. Garnett Chief Medical Officer & VP-Global Medical
Aarti S. Shah Chief Information Officer & SVP-IT
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