Hospital Infrastructure Partners (HIP) Inc, a consortium comprising of Fengate Capital, EllisDon and Carillion, achieved financial close for the New Oakville Hospital PPP Project on 27 June 2011.
The new facility will include 704 beds and cover approximately 2 million square feet. A hybrid model was used, encompassing an 8-10 storey tower and several 2-4 storey wings to accommodate specialist diagnostic and treatment facilities as well as a variety of support departments.
The project will be financed through a combination of $558 million CAD bond issuance, $448 million CAD short term senior debt and $119 million CAD equity investment. The capital value of the hospital is approximately $1 billion CAD and it will take approximately 50 months to construct. The operations phase of the project will last 30 years.
Operis had worked with HIP Inc on the bid stage of this project in February 2011. For the financial close, Operis completed a full model audit and tax & accounting review of the financial model on behalf of HIP Inc.