HSBC Infra. buys PFI stake in hospital

1st Jul 2010 08:06

Infrastructure investor HSBC Infrastructure Company Limited (HICL) has bought into the Queen Alexandra Hospital project in Portsmouth.In two separate transactions the company has acquired a 74.9% stake in the private finance initiative (PFI) project at a cost of £46.4m, met from existing resources.The price paid is in line with the valuation of similar PFI investments in the company's portfolio.The acquisition takes the number of infrastructure investments in HICL's portfolio to 34 and the number of healthcare projects to nine.The completed hospital has 1,026 inpatient beds, 34 neonatal intensive care cots, 3 endoscopy suites and 20 main operating theatres. The concession contract runs until December 2040.The majority of the new facilities have been operational since June 2009, with final construction completed last month.