HICL joins fad for all things Essex

2nd Jun 2011 07:49

Infrastructure investment company HICL Infrastructure has its wallet out again, and this time the only way is Essex for the company as it has taken full ownership of the Brentwood Community Hospital private finance initiative (PFI) project.HICL is paying £4.6m to Kajima Partnerships and other minority shareholders for a 75% interest in the project. HICL recently set up a joint venture, in which it has a 75% interest, with Kajima, and the latest transaction means the joint venture now has 100% ownership of the Brentwood Community Hospital PFI project.The consideration paid for the investment is in line with the current valuation of similar UK PFI projects in the group's portfolio, which now consists of 41 infrastructure investments. The project is a 32 year concession to design, build, finance, operate and maintain a community hospital in Brentwood, Essex, providing around 50 in-patient beds. The project reached financial close in June 2006 and construction was completed in August 2008. Hard facilities management (FM) services are undertaken by Integral UK Limited and soft FM services by Initial Facilities. Kajima is currently responsible for management of the project, and will continue to be so under the new ownership arrangements. --jh