John Laing Infrastructure Fund has completed the acquisition of a 30% stake in Peterborough Hospital - its second acquisition of the year after adding an additional 9% stake in the E18 road in Finland and an additional 7.5% stake in the Cleveland Police HQ project in the UK.

The stake was acquired from Brookfield Infrastructure Partners for a total consideration of £26.7m.

Brookfield Multiplex was selected as preferred bidder for the Peterborough project on June 2005. Progress Health is the special purpose vehicle that manages the project and was owned by the parent company of Brookfield Multiplex, Brookfield Infrastructure Partners (30%) and Macquarie Bank (70%).

Construction commenced in early July 2007 and was completed in late 2010. The term of the PFI contrat is 35 years (2007-2042).

The facilities that serve the population of Greater Peterborough consist of three separate buildings:

• 95,383 sqm Acute Hospital (612 beds and 22 operating theatres) and a multi-storey car park (908 spaces);
• 9,043 sqm Mental Health Unit (102 beds); and
• 9,265 sqm Integrated Care Centre (34 beds).

The construction contract was valued at ₤339.5 million and the project was financed with funds raised through bonds on 29 June 2007.

Sources: JLIF & Brookfield