19th Sep 2007 07:01
Balfour Beatty PLC19 September 2007 19 September 2007 BALFOUR BEATTY REACHES FINANCIAL CLOSE FOR THE £77 MILLION TAMESIDE AND GLOSSOP PFI HOSPITAL PROJECT ===================================================== Balfour Beatty, the international engineering, construction and services group,announces today that its specialist healthcare concession company, ConsortHealthcare, in conjunction with HSBC Infrastructure Fund Management Limited, hasreached financial close on the £77 million Tameside and Glossop Acute ServicesNHS Trust PFI project in Greater Manchester. The project is part of the "Northern Batch" Scheme, which comprises bothTameside and the £136 million scheme for the Salford Royal NHS Foundation Trust,which reached financial close last week. Commenting on the financial close of the project, Balfour Beatty ChiefExecutive, Ian Tyler, said: "The financial close of the Tameside Hospital project is the second part of theNorthern Batch scheme, following last week's close of the £136 million Salfordproject. We very much look forward to working with the Trust and to using ourin-depth expertise in planning, constructing and operating PPP hospitals, tocreate the highest standards of patient care in Tameside." Tameside and Glossop Acute Services NHS Trust Chief Executive, Christine Green,said: "This is excellent news. The new hospital facilities will see the realisation ofthe vision for healthcare that hospital clinicians and our partner organisationsset out at the very start of our bid to achieve this major investment. I amabsolutely delighted that this final approval means that we can now focus ondelivering this vision for the people of Tameside and Glossop." In Tameside, Consort will redevelop and provide new buildings on the existinghospital site, under a 34-year PFI concession contract. Consort Healthcare(Tameside) will procure the design, construction, operation and maintenance ofan acute hospital development, a new facility for older people with mentalhealth problems, energy centre and surface car park facilities at the existingTameside General Hospital site in Ashton-under-Lyne, Greater Manchester. As withSalford Hospital, the construction will be carried out by Balfour BeattyConstruction, Haden Young will perform all the electrical and mechanical systemswork and Haden Building Management will supply all facilities managementservices. The buildings have been planned to complement the existing estate andcombine the retained buildings within an overall site master plan that willprovide modern medical facilities for patients. The facilities will provide both in-patient and out-patient accommodation,theatres, children's facilities, an acute hospital development, a new facilityfor older people with mental health problems and other facilities. Construction is due to commence immediately with an overall completion plannedfor 2011. ENDS Enquiries to: Tim SharpTel: 020 7216 6884 www.balfourbeatty.com Notes to Editors---------------- 1. Balfour Beatty is a leader in the UK PPP market with approximately £350 million committed investment in 24 operational projects and a further five at preferred bidder stage. 2. Balfour Beatty's existing PPP hospital schemes are as follows: - £90 million Durham Hospital (opened 2001) - £220 million Edinburgh Royal Infirmary (opened 2003) - £280 million University College London Hospital (Phase 1 opened 2005) - £116 million Royal Blackburn Hospital (opened 2006) - £553 million Birmingham New Hospitals (under construction; due to open 2011) - £311 million Pinderfields and Pontefract Hospitals (under construction; due to open 2009/10) - £136 million Salford Hospital (due to open 2012) - £77 million Tameside Hospital (due to open 2011) - £152 million Fife Hospital (preferred bidder). 3. Balfour Beatty is the construction partner to Canmore Partnership Ltd in the PPP concession for the new Victoria and Stobhill Hospitals in Glasgow. This project, which began in August 2006, involves some £180 million of design and construction work and is due for completion in spring 2009. In Glasgow, Balfour Beatty is also building the new mental health secure unit at Stobhill and the new Beatson Institute cancer research facility at Garscube. 4. Balfour Beatty is a world-class engineering, construction and services group, well positioned in infrastructure markets which offer significant growth potential. Its partnerships with public and private customers generate secure, long-term income. Its financial position, with significant net cash and with strong operating cash flows, offers continuing flexibility to add additional capacity and expertise to the business mix and to make appropriate investments in PPP/PFI and other long-term growth opportunities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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