Sandwell and West Birmingham Hospitals (SWBH) National Health Service (NHS) Trust has recommended that the Midland Metropolitan hospital, located in Smethwick, in the West Midlands region of England, be completed using public funds. The local health authority awarded a 30-year contract for the design, construction, financing and maintenance of the hospital to Carillion in August 2015.
Infrastructure/PPP news in UK (United Kingdom)
The Welsh government has launched the tender for the A465 Heads of the Valleys dualling project. As well as the substantial investment required - GBP500 million (US$656.5 million) - this is noteworthy as the government is using a new PPP model to structure the project, the Mutual Investment Model (MIM).
Haringey Council has voted to scrap the Haringey Development Vehicle (HDV), a public-private partnership, in development since 2015, that entailed the construction of 6,400 homes and represented over GBP2 billion (US$2.6 billion) investment. Haringey is a borough of London, located in the north of the city.
The Public Administration and Constitutional Affairs Committee of the UK Parliament has recommended that the Treasury and the Government should not approve any further Private Finance Initiative (PFI) projects.
Ancala Partners has achieved a first close of Ancala Infrastructure Fund II at EUR133 million (US$156.4 million). The core infrastructure fund is targeting commitments totalling EUR600 million (US$705.5 million), with further closes expected this year.
Macquarie Infrastructure and Real Assets (MIRA) has announced the final close of Macquarie Super Core Infrastructure Fund (MSCIF) Series 1 at EUR2.5 billion (US$2.94 million), exceeding the fund's initial minimum target of EUR1.5 billion (US$1.76 million).
The Treasury, the UK government department that is responsible for public finance, intends to procure a new private partner for the Midland Metropolitan hospital project. A GBP350 million (US$464.2 million) contract to build and maintain the greenfield hospital, located in the West Midlands region of England, was awarded to Carillion in 2015. This was terminated earlier this year following Carillion's liquidation in January.
Hub South East Scotland, a joint venture between Galliford Try, Fulcrum, AECOM and assorted public authorities, has achieved financial close of the Queensferry High School PPP project, located in Edinburgh.
Following the recent collapse of the leading contractor, Carillion, a group of banks engaged to fund the proposed Midland Metropolitan Hospital PPP Project in the West Midlands region of England have terminated the financing.
Impax Asset Management Group Plc has announced the close of its third private equity infrastructure fund at EUR357 million (US$420.1 million). Impax New Energy Investors III (NEFIII) is focussed on investments in renewable power generation and related assets in Europe.
West Sussex County Council has announced that CityFibre, a wholesale full-fibre network infrastructure provider based in London, has been selected to build, own and operate a pure fibre network capable of gigabit broadband service to public buildings in key urban locations throughout West Sussex, which is located in the south of England.
The Bermuda Infrastructure Fund has been officially launched in a bid to improve ports, docks, roads, bridges, industrial facilities and healthcare facilities on the island, an overseas territory of the United Kingdom. Insurance firms have raised nearly US$100 million for the fund.
Following an announcement earlier this year of a GBP25 million (then US$35.07 million) exceptional charge and a GBP150 million (then US$210.42 million) capital raise to cover additional costs of the Aberdeen Western Peripheral Route PPP project, Galliford Try has announced that it is experiencing further cost pressure which is likely to increase the exceptional charge.
Tideway, whose shareholders include Allianz, Amber Infrastructure, Dalmore Capital and DIF, has issued GBP175 million (US$236.6 millon) green bonds to finance the Thames Tideway Tunnel (TTT) project, which involves the construction of a 25km sewer tunnel in London.
The head of the UK government's Department for Transport (DfT) has announced that it is taking control of the East Coast Main Line, a 632km railway connecting London to Edinburgh currently operated by private companies Stagecoach and Virgin Trains, until 2020, from which time it will be run through a public-private partnership (PPP).
The Department for Transport (DfT) of the UK government has approved the Silvertown Tunnel PPP project. This involves the construction of a 1km twin-bore road tunnel under the River Thames, connecting Silvertown, on the north bank of the river, to North Greenwich, in east London. It is estimated to cost GBP1 billion (US$1.36 billion).
MegaProject 1256: UK Department for Transport launches market-sounding for multi-billion rail PPPs involving Heathrow Airport
The UK Government's Department for Transport (DfT) has published prior information notices for market sounding events for two rail projects - the Western Rail Link to Heathrow (WRLtH) and the Southern Rail Link to Heathrow (SRLtH). Heathrow is a major international airport - the second busiest in the world - located 23km west of London.
MegaProject 1252: Ferrovial sets aside US$285 million to cover penalties for Birmingham highways PPP
Ferrovial has announced that it is going to include an additional provision of GBP208 million (US$283.1 million) in its financial results for the first quarter of 2018, which are to be published next week, in relation to the Birmingham Highways PFI contract operated by a subsidiary of Amey Plc., a subsidiary of Ferrovial.
Infracapital, the infrastructure equity investment arm of M&G Prudential, has announced the successful conclusion of fundraising of its latest and largest fund to date, Infracapital Partners III, with total commitments equivalent to GBP1.85 billion (US$2.52 billion).
HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, has announced that the Group has entered into an agreement to divest its 100% equity and subordinated debt interest in the Highland Schools PPP2 Project for GBP56.2 million (US$77.42 million).