Canada Life Asset Management has invested £26.5m (€30m) to develop a UK car park.

The £40bn asset manager has bought a 140-year leasehold interest in a site forming the first phase of Adanac Health & Innovation Campus, Southampton for University Hospital Southampton NHS Foundation Trust.

Canada Life said it will invest the £26.5m to fund the construction of a 1,000 space multi-storey park and ride car park which is expected to be complete in April next year, after which the hospital trust will enter a 40-year leaseback agreement.

Michael White, the head of UK property at Canada Life Asset Management, said the car park will free-up space and congestion in and around the General Hospital campus to enable increased capacity for future additional frontline services.

Specialist developer Prime will lead the procurement of construction.

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