LONDON (dpa-AFX) - HICL Infrastructure Company Limited (HICL.L) announce the acquisition of a 50% interest in the Southmead Hospital PFI Project from Carillion plc (CLLN.L) for a consideration of 87.8 million pounds.
The consideration includes a future loan note subscription obligation of 48.7 million pounds, which will be paid by the Group in September 2015.
The Project is a 430 million pounds, 35 year concession to design, build, finance, operate and maintain an 800-bed acute hospital on a single site at Southmead in North Bristol, on behalf of the North Bristol NHS Trust.
Construction is being undertaken by Carillion Construction Limited in two distinct phases. The first phase, comprising the construction of a 102,000m2 new acute hospital 'Brunel' building, was completed in March 2014, with the hospital now open for use and fully operational since May 2014.
The second phase, which includes the demolition of the old hospital site, is due for completion in 2016. The provision of hard facilities management services during the operational phase of the Project is subcontracted to Carillion Services Limited under a concession life contract.
The acquisition was funded by way of drawings under the Group's revolving credit facility or 'RCF'. As a result of recent investment activity funded by the RCF, and net of proceeds from a recent disposal of the Fife Schools project, the Group has a current funding requirement of approximately 47 million pounds.
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