News

Ready to Heal: Hospital Development Scheme Reaches Financial Close

The Northern Batched Hospitals PFI scheme has reached financial close. The scheme comprised of two projects, Tameside Hospital which reached financial close today, and Salford Hospital which closed on the 31 August 2007.

Consort Healthcare, a joint venture between Balfour Beatty and HSBC Infrastructure Fund, was awarded the 35 year contract to design, build, finance and operate both hospital projects.

The £135 million Salford project involves delivering a new 222 bed hospital and education centre, whilst the £72 million Tameside project will include a new elderly mental health unit plus extensions to theatres, treatment centres and the radiology and diagnostic units.

Ambac Assurance UK Limited and Deutsche Trustee Company Limited are the bond guarantors for both projects providing £191 million towards the scheme.

Operis provided financial model due diligence services and tax and accounting advice on both projects.

13 September 2007