The reason why PFI is still being used is because there aren't public funds to fund this kind of redevelopment, so they have to approach the private sector and I can imagine how that conversation went:
"We've got some land and want to redevelop it but don't have the money, wanna go halves on the profits"
"No, how about you give us the land, we build it out then lease it back to you for 150% of our costs, and then charge you a rent that is not sustainable"
"Ok, where do I sign"
PFI is a con, it was setup to siphen public money into the private sector, to line the pockets of the governments bessie mates and has the side effect of building much needed infrastructure.
Quite frankly they'd be better off borrowing the money from wonga.com than using PFI (can you imagine that application:
How much do you want to borrow? £113m
How long do you want to pay it back over? 25 years
Thanks at 5478% your monthly repayments will be £500,000,000 and the total you'll pay back to us is £155 billion
Do you have a voucher code?