DIF ups stake in Canadian hospital

The Dutch fund manager has boosted its ownership in Royal Jubilee Hospital to 50% as it expands its presence in North America.

Dutch fund manager DIF, through the DIF Infrastructure III fund, has increased its ownership interest in the Royal Jubilee Hospital to 50 percent through the acquisition of a 10 percent stake from Lark Enterprises.

Located in Victoria, British Columbia, the Royal Jubilee Hospital was DIF’s first Canadian deal. The firm initially invested in the nine-storey, 500-bed patient care centre when it acquired a 40 percent stake from Spanish civil engineering, construction and infrastructure firm Acciona in August 2013, less than a year after it opened its Toronto office. The initial investment was also made through DIF III, which the firm closed on €800 million in March 2013.

Financing for the latest transaction has been secured through a long-term loan with a club of commercial banks, DIF said in a statement without providing further details.

The hospital, which provides patient services to medical and surgical patients as well as to those who suffer from mental health issues and addiction, has been in operation for nearly five years. An availability-based public-private partnership (PPP; P3), it has a remaining concession life of about 25 years.

Based in Amsterdam and established in 2005, DIF has around €2.8 billion in assets under management. It invests in infrastructure assets that generate long-term cash flows, including PPPs and renewable energy assets in Europe, North America and Australia.

In addition to its Amsterdam headquarters and Toronto office, DIF also has outposts in Frankfurt, London, Paris, Luxembourg, Madrid and Sydney.