HICL Infrastructure, the infrastructure investor listed on the London Stock Exchange, has paid £32.8 million (€36.6 million; $52.3 million) in total for three hospital private finance initiative (PFI) stakes as well as a small interest in a helicopter aircrew training facility.
The firm has bought a new 50 percent stake in the Pontefract and Pinderfields PFI in Yorkshire in the north of England. The project involves the financing, design, construction and operation of two hospital facilities for the Mid Yorkshire NHS Trust involving a combined total of 774 beds.
Construction of the new facilities was “substantially completed” in January this year, with final completion scheduled for October. UK developer Balfour Beatty undertook construction of the project, while services are being delivered by Balfour Beatty Workplace, the firm’s support services arm.
HICL has also acquired additional interests in the Oxford John Radcliffe hospital and Queen Alexandra hospital in Hampshire, taking its level of ownership to 100 percent in both projects. In October last year, HICL acquired a 39.9 percent stake in Oxford John Radcliffe and 15 percent in Queen Alexandra to take its interest in both projects to 89.9 percent.
All three hospital stakes were acquired from Royal Bank Project Investments, a subsidiary of Royal Bank of Scotland.
The firm has also taken an additional “small” interest in the Medium Support Helicopter Aircrew Training Facility (MSHATF) from Serco Group, the UK services company. MSHATF is the UK Joint Helicopter Command’s state-of-the-art synthetic training facility which provides flying training to Chinook, Merlin and Puma helicopter crews.
Tony Roper, director of InfraRed Capital Partners, which advises HICL, said in a statement: “In the case of Pontefract and Pinderfield, the main facilities are operational and we look forward to working alongside our co-shareholder and supply chain to provide high quality facilities to the Trust. The three incremental stakes accord with our stated strategy of making further investments, where possible, in projects which the Group already owns.”
HICL now has 43 infrastructure projects in its portfolio, 40 of which are operational.