Skanska has reached financial close with the Papworth Hospital NHS Foundation Trust for the New Papworth Hospital in Cambridge, UK.

The PPP contract includes design, build, finance, operations and maintenance responsibilities for a period of 30 years. The construction contract is valued at around £140 million (US$209 million), which will be included in the order bookings for Skanska UK for the first quarter of 2015.

Skanska's share of the equity investment is £5.5 million (US$8.2 million) which represents 50 percent and Equitix will commit the remaining 50 percent. The European Investment Bank (EIB) has agreed to provide a 31 year loan of £46 million (US$68.7 million) for the project.

The consortium consists of Skanska together with OCS, who will provide soft facilities management services.

The new Papworth Hospital will have 310 beds providing combining inpatient, day case and critical care and almost all inpatient rooms will be single bedroom accommodation with en-suite facilities that will significantly increase both patient privacy and flexibility. Papworth Hospital will be built on the Cambridge Biomedical Campus, tt will move from Papworth Everard, 13 miles (20km) west of Cambridge.

Construction is expected to start immediately, with estimated completion in early 2018.

Papworth Hospital currently treats more than 23,700 in-patients and day cases plus nearly 65,000 outpatients each year.