The Brighton Children’s Hospital Project is a £37.1m scheme which involved the design, construction, financing and subsequent maintenance of a new children’s hospital on behalf of the Brighton & Sussex University Hospitals NHS Trust. The hospital reached Financial Close in June 2004 and has been operational since May 2007 and comprises 100 beds, diagnostic facilities, ambulatory care, teaching areas, two operating theatres and an X-ray facility. Hard Facilities Management (FM) services are provided by Integral U.K. Limited.
The Falkirk Schools NPD Project is a £120m scheme which involved the design, construction, financing and subsequent operation of four secondary schools in Falkirk, Scotland on behalf of the Falkirk Council. The Project reached Financial Close in May 2007 and the schools became operational in phases up to July 2009. Hard FM services are provided by FES FM Limited.
The total consideration paid by the Group for the two investments was £9.2m which is in line with the current valuation of similar UK social infrastructure projects in the Group’s portfolio.
The acquisition was funded from the Group’s existing cash resources, and takes the number of infrastructure investments in the Group’s portfolio to 91.
Tony Roper, a Director of InfraRed Capital Partners Limited (HICL’s Investment Adviser) said:
“We are pleased to secure these new investments from valued relationships with whom we have worked successfully over a number of years. The Group has a healthy pipeline of further investment opportunities which the InfraRed team is carefully evaluating and we are confident of securing further investments in line with the Group’s investment strategy We are looking forward to working with all the stakeholders to ensure these two projects continue to be successful.”
