Lend Lease Infrastructure fund acquires 15 % stake in Manchester hospital from Sodexo
The Lend Lease PFI/PPP Infrastructure Fund has increased its shareholding from 50 to 65 % in the Central Manchester University Hospitals Project.
The additional stake was purchased from Sodexo, which continues to provide both soft and hard facilities management services at the hospitals.
Lend Lease PFI/PPP Infrastructure Fund acquired the 50 % equity stake two years ago.
The redevelopment of the Central Manchester University Hospitals is one of the largest private finance initiative healthcare schemes ever procured under the government programme. Lend Lease's initial design and build involved the re-provision of four existing hospitals on the Manchester Royal Infirmary Site and the creation of a new centralised children's hospital - one of the largest in Europe.
The Lend Lease PFI/PPP Infrastructure Fund was established in 2010, with the acquisition of 15 PFI/PPP projects from Lend Lease portfolio. The 19th asset in the fund, a 75 % stake in Birmingham BSF project was acquired on the 24th June 2013, bringing total amounts invested to £150m.
Barry Millsom, Lend Lease Infrastructure Fund manager, said:
"The improvement in the operation of the asset has allowed for the Fund to make this additional acquisition. Our investment partner, PGGM, has been very supportive of this acquisition and as a consequence our relationship remains very strong."
In late 2010, Dutch asset manager PGGM became the principal investor committing over £220 million in capital to the Fund.
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