14th Dec 2015 08:39
LONDON (Alliance News) - Construction and support services company Carillion PLC on Monday said its The Hospital Co (Sandwell) Ltd joint venture has reached financial close on the Midland Metropolitan Hospital public-private partnership project.
The joint venture was named preferred bidder for the contract in August and will now handle the construction of a new hospital offering 683 beds and 13 operating theatre suites in Birmingham.
The contract will be worth GBP430.0 million for the construction and support services to be provided by the joint venture and Carillion will invest GBP13.0 million in equity in the project.
Construction will start in early 2016 and is scheduled for completion in mid-2018.
Carillion will be providing facilities management and life-cycle maintenance to the hospital, which is expected to generate around GBP140.0 million in revenue under a 30-year contract.
Shares in Carillion were up 0.7% to 300.50 pence Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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