HICL Infrastructure acquires 50 % stake in Tameside General Hospital PFI
Related M&A Transactions
HICL Infrastructure Company has announced that the Group has completed the acquisition of a 50% equity and loan note interest in the Tameside General Hospital PFI Project from Balfour Beatty Infrastructure Investments Limited for £16.0 million.
The Project is a £78m PFI scheme procured by the Tameside Hospital NHS Foundation Trust to design, construct and commission new-build facilities and associated site infrastructure. The Project reached financial close in September 2007 and is for a term of c. 34 years. Construction of the new facilities was completed on time and on budget by Balfour Beatty.
The works entailed the construction of a new energy center; a new elderly mental and infirm unit; a new Diagnostics and Treatment Centre (DTC); an elevated link bridge between the new DTC and an existing hospital building; a new surface car park; and service infrastructure works. Balfour Beatty WorkPlace is providing hard facilities management services to the Project.
The consideration paid by the Group is in line with the current valuations of similar UK PFI projects in the Group's portfolio and brings the total number of infrastructure investments in the portfolio to 82. The acquisition was funded from the Group's existing cash resources.
InfraRed Capital Partners, HICL's Investment Adviser, has worked with Balfour Beatty on a number of infrastructure projects in the UK.Source: HICL InfrastructureRelated news:
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