Completion of 2 Investments for £41.6m by HICL
The Project is a 33 year concession to design, construct, finance and maintain a new acute hospital and key worker accommodation on a greenfield site at Enniskillen in Northern Ireland. The new hospital was built by a joint-venture between FCC and P Elliott & Co Limited and was completed on schedule in May 2012. It covers an area of circa 71,500 sqm and accommodates 312 single inpatient beds. The facilities include outpatient facilities, an Accident & Emergency unit, a new energy centre and key worker accommodation (providing 120 bed spaces in 45 units, office accommodation and a crèche).
Interserve FM Limited provides the hard facilities management services to the Project under a long-term services agreement.
The consideration is in line with the current valuations of similar U.K. PFI projects in the Group’s portfolio and was funded from the Group’s cash resources.
The Group has also completed the acquisition of the 50% equity and loan note interests in the University of Sheffield Project from InfraRed Infrastructure Fund II, identified in February 2013 as one of the two Conditional Investments described in the Company’s New Ordinary Share Prospectus. This brings the total number of investments in the Group’s portfolio to 85.
Erwan Fournis, Director, Infrastructure, at InfraRed Capital Partners Limited (HICL’s Investment Adviser) said:
"We are pleased to have completed these acquisitions which were identified as part of the Group’s pipeline of new investment opportunities at the time of the Company’s recent successful equity capital raising, and were part of the pipeline referred to in the Company’s recent results announcement. We look forward to working with our co-shareholders and public sector partners to continue the provision of quality services for these projects."