Deals

C$1.75bn Toronto hospital PPP closes

A Plenary Group-led consortium is on schedule in reaching financial close after winning a bid to redo Humber River Regional Hospital into a state-of-the-art healthcare facility.

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A public-private partnership (PPP) to expand Humber River Regional Hospital (HRRH) into a state-of-the-art, 655-bed institution has reached financial close.

Consortium Plenary Health Care Partnerships has finalized a 30-year concession worth C$1.75 billion (€1.25 billion; $1.65 billion) to design, build, finance and maintain Toronto-based HRRH.

A spokesman for Infrastructure Ontario (IO), a government agency overseeing infrastructure activity in the Canada province, confirmed the financial close to Infrastructure Investor.

Plenary Health Care Partnerships is a consortium including developer Plenary Group, infrastructure fund manager Innisfree, PCL Construction Group and HCP Social Infrastructure.

C.F. Moller and HDR will design HRRH, with Johnson Controls servicing as facility manager.

Financial adviser RBC Capital Markets (RBCCM) acted as underwriter.

The Plenary consortium was named preferred bidder in September, after being shortlisted for the project last October.

Humber River has been billed as the first fully digital hospital in Ontario.