14th Jan 2016 08:21
LONDON (Alliance News) - HICL Infrastructure Company Ltd on Thursday said it now owns 62.5% of the Southmead Hospital private finance initiative project in North Bristol, England, after acquiring a further 12.5% interest from Aberdeen Asset Management PLC.
The project is a GBP430.0 million, 35 year concession to design, build, finance, operate and maintain an 800-bed acute hospital on a single site at Southmead on behalf of North Bristol NHS Trust.
Construction is being undertaken by Carillion Construction Ltd in two separate phases, the first of which was completed in March 2014. The second phase, which follows construction of a new acute hospital, is due for completion in May 2016 and includes the demolition of the old hospital site.
The provision of "hard facilities management services" during the operational phase of the project is subcontracted to Carillion Services Ltd under a concession life contract.
Following the acquisition, HICL has a net funding requirement of about GBP3.0 million.
Shares in HICL were down 0.1% at 151.30 pence on Thursday in early morning trade.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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