Alder Hey PFI reaches financial close

John Laing and Laing O’Rourke will each hold 40% of the equity in the UK project, which will see the construction of a new children’s hospital in Liverpool.

The Acorn consortium – comprising investor and developer John Laing, engineering firm Laing O’Rourke and support services business Interserve – has reached financial close for the new Alder Hey children’s hospital in Liverpool, north-west England.

The consortium is leading the Private Finance Initiative (PFI) element of the project. A proportion of the project’s £167 million (€196 million; $253 million) cost is being funded by the National Health Service (NHS) Foundation Trust and charitable donations.

Acorn was announced as preferred bidder for the project in June last year following approval from the Department of Health and HM Treasury. It then ran a process with the NHS Trust to identify debt funding sources, which ended with M&G Investments and the European Investment Bank being appointed as preferred funders and SMBC as account bank.

John Laing and Laing O’Rourke will each hold 40 percent of the total equity investment in the project, with Interserve holding 20 percent. Laing O’Rourke Construction will design and build the new hospital and Interserve will maintain the hospital’s infrastructure.

The hospital will have a floor area of 51,000 square metres and will contain 270 beds and 16 state-of-the-art operating theatres. The official opening of the new hospital is scheduled for autumn 2015.