Operis is pleased to confirm that the Stobhill Psychiatric Unit project reached financial close yesterday.
The project, which was jointly sponsored by Canmore Partnership, United Medical Enterprises and Quayle Munro, provides the Greater Glasgow Health Board with a secure forensic psychiatric unit at a site near Stobhill, Glasgow. Balfour Beatty Construction is the design & build subcontractor. The project will also deliver facilities management and maintenance services for a period of 35 years. Operis acted as financial advisor to the project sponsors.
Senior debt was arranged by Dexia Public Finance and equity and subordinated debt were subscribed by the sponsors. The capital raised was £21m under a standard PFI financing structure.
The unit is expected to be operational by Spring 2007.