INFRASTRUCTURE investment company HICL Infrastructure yesterday paid £4.6m for a majority stake in the Brentwood Community Hospital private finance initiative (PFI) project, boosting its joint venture ownership of the project to 100 per cent.
The project is a 32-year concession to design, build, finance and run a 50-bed hospital in Brentwood, Essex, and takes HICL’s portfolio of UK PFI projects up to 41 investments.
The community hospital was fully financed in June 2006 and construction was completed at the end of August 2008. In addition to the 75 per cent it has now bought from Kajima Partnerships and other minority stakeholders, HICL also owns the remainder of the project through a joint venture with Kajima.
HICL has been on the acquisition trail in recent months, investing in a Sheffield schools PFI last week, and acquiring further PFI projects in Oldham and Norwich from engineering firm Kier, as part of the Kajima joint venture.
The consideration paid for the investment is in line with the current valuation of similar UK PFI projects in the group’s portfolio.