DIF, the Amsterdam-based manager, has acquired a 40 percent stake in the Royal Jubilee Hospital public-private partnership (PPP; P3) in Victoria, British Columbia.
The investment comes from the DIF Infrastructure III fund, which closed on €800 million in the first quarter of this year having originally targeted €600 million and set a hard cap of €750 million.
The deal represents DIF’s breakthrough deal in Canada, where it launched a Toronto office in October of last year.
“One of the reasons we moved to North America was to diversify further as markets come and go, although Europe still offers enough opportunities,” DIF managing partner Wim Blaasse told Infrastructure Investor at the time.
As well as Amsterdam and Toronto, DIF also has bases in Frankfurt, London, Paris and Luxembourg.
The availability-based Royal Jubilee Hospital project has an operational track record of almost three years and a remaining concession life of 27 years.
It comprises a nine-storey patient care centre and related services in the city of Victoria and the southern part of Vancouver Island. The 500-bed hospital provides patient services to medical and surgical patients, and those suffering from mental health and addiction issues.
DIF’s stake has been acquired from Acciona, the Spanish civil engineering, construction and infrastructure firm. A press release said that financing had been secured through a long-term loan with a club of commercial banks, though no further details were given.
Earlier this month, DIF picked up a 45 percent stake in the M50 road PPP in Ireland from Spanish concessionaire Sacyr Vallehermoso.