Balfour Beatty announced yesterday that its joint venture with Graham Group Ltd had been named selected bidder for the North Island Hospitals Project (NIHP) in Vancouver, British Columbia, Canada.
The project involves the development of the 95-bed Campbell River Hospital and the 153-bed Comox Valley Hospital. Balfour Beatty is expected to invest CAD$17.2 million into the project, which represents 50% of the equity required.
The winning consortium is formed by: Balfour Beatty Capital - Canada Inc., Gracorp Capital Advisors Ltd., Connor Clark & Lunn GVest Traditional Infrastructure LP, Graham Design Builders LP, Farmer Construction Ltd., Stantec Inc., and Honeywell International Inc.
Its joint venture partner Graham Group Ltd will undertake the construction and Balfour Beatty will be responsible for the delivery of soft facilities management services.
The hospitals are slated to open in 2017. The project has been valued at about CAD$600 million.
The project will be developed on a design, build, finance, and facilities management for a period of 30 years. The joint venture is currently working with the Vancouver Island Health Authority to finalise financing and other aspects of the project.
Steve Marshall, Balfour Beatty Executive Chairman, stated:
The Canadian healthcare market is a new and growing market for us and we are very pleased to be the selected bidder for our second project there this year. The potential of the North America market is substantial and this latest project is further evidence of how we are combining our financing, development and construction expertise to deliver great value to our clients. We look forward to working closely with the Vancouver Island Health Authority and our joint ventures partners in finalising the financing arrangements and commencing construction.
The two new hospital project is the company's second major healthcare development in the region this year. These new world class acute care centres will help meet the growing and changing healthcare needs of the North Island communities.