The PFI redevelopment of Southmead Hospital in Bristol reached financial close on 25 February 2010 after a Carillion/Uberior joint venture was named preferred bidder to construct the 800 bed hospital in March 2009.

The state-of-the-art building will be the most sustainable major acute hospital in the UK, with low energy utilisation and a carbon footprint below government targets. Advanced construction work started in August 2009 and the hospital is due to open in early 2014. The construction contract is valued at approximately £430m, plus an additional £20m in advance works. Over a 30-year concession period, the construction and maintenance group also expects to earn a further £170m for facilities management and lifecycle maintenance services.

The procuring authority, North Bristol NHS Trust, was advised by RBC (financial), Bevan Britten (legal) and NBBJ Architects (technical).

Equity sponsors HBOS (50%, via its infrastructure vehicle Uberior) and Carillion (50%) used an 86:14 debt to equity funding package for the deal. Senior debt was provided by Credit Agricole Corporate Investment Bank, Lloyds, National Australia Bank, Royal Bank of Scotland and Société Générale.

Operis was engaged to provide financial model auditing services and a full tax and accounting review on behalf of the lenders and sponsors.

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