7th Jul 2015 08:05
LONDON (Alliance News) - Infrastructure investor HICL Infrastructure Co Ltd on Tuesday said it has acquired a 50% interest in the Southmead Hospital Private Finance Initiative project from FTSE 250-listed Carillion PLC for GBP87.8 million.
The consideration for the stake includes a future loan note subscription obligation of GBP48.7 million, which HICL will pay in September 2015.
The project is a GBP430 million, 35-year concession to design, build, finance, operate and maintain an 800-bed acute hospital at Southmead in Bristol, on behalf of North Bristol NHS Trust.
The acquisition was funded from HICL's existing revolving credit facility.
"We are delighted to further our long-standing relationship with Carillion with this acquisition, and we look forward to working with all stakeholders in the project to provide the building and associated services to the required contractual standards," said Tony Roper, infrastructure director for HICL's adviser, InfraRed Capital Partners Ltd.
Shares in HICL were down 0.1% to 151.62 pence on Tuesday. Carillion shares were down 0.8% at 341.50p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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