The completion of the University College London Hospitals NHS Trust PPP transaction, between the Trust and Health Management (UCLH) plc, takes the total raised under the Private Finance Initiative for the development of new hospitals to £2.5 bn.
PricewaterhouseCoopers acted as financial adviser to the Trust.
Health Management (UCLH) plc raised a total of £280m, in debt and equity, with further contributions from land sales of £82m to fund the construction of the new facilities which will be built on London’s Euston Road.
The construction programme is in two phases, with the main hospital scheduled for completion in 2005 and the new Elizabeth Garrett Anderson Wing in 2008.
The facilities will be returned to the public sector at the end of the contract.
Ian Wootton, project finance healthcare specialist at PwC, said: ‘Public Private Partnerships have now been successfully negotiated on the larger health transactions. The challenge for the government is to replicate the model for the large number of smaller community facilities that will form an essential part of an integrated health network.
‘This level of investment in healthcare facilities in the UK through Public Private Partnerships is attracting great interest from overseas markets. Many countries are already looking at how the model may be adapted to meet their own healthcare needs.’
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