We are excited to announce that we have supported ACORN, a Kajima led consortium, in reaching financial close on 28 March 2024 for the new Velindre Cancer Centre in Cardiff, Wales.  This long-awaited project will become the third project procured under the Mutual Investment Model (MIM) scheme.

The new state of the art cancer treatment facility is part of Velindre University NHS Trust’s Transforming Cancer Services in South East Wales Programme. It will provide patients and carers with high-quality and sustainable services, delivering the most effective treatments while also leading national and international education, research, and innovation in cancer patient care.  The new Velindre Cancer Centre is being developed in compliance with the Wellbeing of Future Generations (Wales) Act 2015 and set to become one of the most sustainable hospitals in the UK.

ACORN was appointed in 2022 following a public procurement process run by the Velindre University NHS Trust, and includes Kajima Partnerships, Sacyr and Abdrn.  The Welsh Government have taken the option to invest in the project as an equity provider through the Development Bank of Wales.

Sacyr UK have been appointed as the main contractor in a construction joint venture, and the construction process will start in April 2024.  Completion of the new facility is expected to be achieved in 2027, and will replace the current Velindre Cancer Centre, which is more than 68 years old.  The new facility, which targets BREEAM ‘Excellent’, is designed to be all-electric, supporting low energy demand and low operational carbon.

Operis, working with Acorn from the start of the bid, have greatly assisted in procuring an effective funding solution consisting of a mixture of fixed rate and floating rate loans forming a debt package to fund the project. The funding group includes Aviva Investors, Siemens Bank, Sumitomo Mitsui Trust Bank, CaixaBank, Norinchukin, Nomura and Nord/LB.

We are proud to have contributed to the development of this ambitious project and celebrate the efforts taken by all parties involved to provide a sustainable future for healthcare in south Wales.

Richard Coe, Project Director, Kajima Partnerships, said: “It has been an exciting journey for us in partnership with the Trust to work towards this goal as we develop a cancer centre for now and future generations. Our design will ensure the new centre has minimum impact on the environment and that it provides a practical, elegant facility in which patients, staff and the wider community can use the centre and the landscaped grounds. We look forward to seeing the positive impact it will have on patients and their families for years to come.”

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