Financial Close achieved for Alder Hey children's PFI hospital

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Financial Close achieved for Alder Hey children's PFI hospital

A consortium including John Laing (40 %), Laing O'Rourke (40 %) and Interserve (20 %) have reached financial close for the Alder Hey children's hospital. Given the difficult context to get project financing, the financial close has delayed a few months, however it is finally in place.

Design of new Alder Hey's children hospital

The project, under the supervision of Alder Hey Children's NHS Foundation Trust, was originally priced at £288 million. Afterwards, it  has been reduced to a new £167 million project. It will have a floor area of 51,000m2, and will contain 270 beds and 16 operating theatres.

It will also include a multi-storey car park with 1200 spaces, 200 more than the current site.

Laing O'Rourke Construction and John Laing will design and build the new hospital and Interserve will provide the hard facilities management services.

The Trust's financial resources and charitable donations will be part of the funding, with the remainder funded through PFI. In summer 2012, the consortium and the NHS Foundation Trust held a tender for external financing in which M&G Investment and the European Investment Bank (EIB) were selected as financiers. SMBC will act as an account bank.

The hospital is planned to be opened in 2015.

In May 2012, the winner consortium beat Balfour Beatty in the tender process for the project.

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