HICL Infrastructure acquires stake in hospital project
HICL Infrastructure Company Limited, has acquired incremental investment in the Hinchingbrooke Hospital PFI Project. InfraRed Capital Partners Limited acted as financial advisor for HICL on the transaction.
HICL Group and Kajima Partnerships Limited have an existing joint venture holding company running the project (HoldCo). Through this transaction, HoldCo has passed from owning the 50% in the project to have the 100% stake. Therefore, HICL Group's indirect ownership has increased from 37.5% to 75%.
The total amount paid by the HICL Group for its 75% interest was £5.3m (US$7.5 million) funded from cash resources.
The Hinchingbrooke Hospital PFI Project involves the design, construction, financing, maintenance and operation of a two storey 8,500m2 diagnostic and treatment centre situated adjacent to the existing Hinchingbrooke District General Hospital. The concession will run under a 31-year contract. The project reached financial closure in March 2004 and has been fully operational since October 2005.
Kier Facilities Services is in charge of the operation and maintenance services (O&M) for the project during the concession life.
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