DIF and Innisfree have each acquired a 12.5 percent stake in the £1.7 billion (€1.9 billion; $2.8 billion) Bart’s Hospital PFI – the UK’s largest hospital public-private partnership.
Entering the project for the first time, DIF bought a 12.5 percent stake from the Commonwealth Bank of Australia (CBA) through its second infrastructure fund, DIF Infrastructure II. Innisfree purchased an equivalent stake from John Laing to increase its overall stake in the hospital project to 50 percent and become its largest stakeholder. DIF, CBA and John Laing did not wish to comment on the price the stakes were sold for.
The concessionaire will receive availability payments – agreed-upon instalments which allow the authorities to regulate payments to the consortium if it does not fulfil certain contractual parameters – for the duration of the concession’s 42 years.
Both DIF and Innisfree have been active in the PFI secondary markets. In December, DIF acquired 50 percent of a portfolio of 10 schools project while Innisfree bought a 50 percent interest in two schools projects.