HSBC Infrastructure buys stake in UK hospital

The listed infrastructure investment company, known as HICL, has acquired a combined 74.9% stake in the Queen Alexandra Hospital project from Carillion and Royal Bank of Scotland for £46.4m. The acquisition takes the number of infrastructure deals in HICL’s portfolio to 34.

HSBC Infrastructure Company (HICL), the listed infrastructure investment company, has just bought its 34th infrastructure investment by acquiring a majority stake in the Queen Alexandra Hospital, part of the UK’s project finance initiative, HICL said in a statement.
 
HICL acquired a 50 percent stake in the project from UK services company Carillion for £31.3 million (€38 million, $46.7 million) and a 24.9% holding from Royal Bank of Scotland for £15.1 million, paying a total of £46.4 million for a combined 74.9 percent stake. HICL said it will pay for the stakes in cash. A subsidiary of Carillion will continue to provide facility management services to the hospital for the duration of the concession contract, which ends in December 2040.
 
The Queen Alexandra Hospital PFI, operational since June 2009, has over 1,000 beds and is located in Portsmouth, on England's south coast. Tony Roper, the director of HICL’s investment adviser, noted the acquisition “increases the number of [HICL’s] investments in healthcare projects to nine”.