The new £190m Edinburgh Royal Infirmary was opened in 2003 and consists of over 900 inpatient beds. It is home to Scotland’s biggest maternity unit, Scotland’s busiest A&E department and is a major acute teaching hospital. The hospital is the main site for many specialist services including cardiac surgery, kidney, liver, pancreas and bone marrow transplants.
The consortium, Consort Healthcare – which includes Balfour Beatty, who was awarded the PFI contract have refinanced the existing debt and extracted the refinancing gain upfront. The benefit of the refinancing gain was shared between the consortium and the trust, Lothian University Hospitals NHS Trust, with the council’s share being further split into an upfront payment and a unitary charge reduction. This reduction will apply to the remaining 21 years of the concession.
Operis was appointed by Consort Healthcare and the Lenders to provide financial model due diligence services in connection to the refinancing which saw financial close reached on the 25th April 2007.