Pensions Infrastructure Platform (PiP) has taken full control of a new hospital built under the Scottish Government’s Non-Profit Distributing (NPD) model by acquiring the 50% stake it did not already own.

The specialist infrastructure investment manager, on behalf of its PiP Multi-Strategy Infrastructure Fund, said it bought the stake in the new Dumfries and Galloway Royal Infirmary (DGRI) from Laing O’Rourke (LOR).

Following the acquisition, PiP becomes the sole equity owner in the project alongside the Scottish Government, on behalf of its UK pension scheme investors.

The new DGRI was built by LOR as part of the Scottish Government’s NPD infrastructure model and became fully operational in December 2017. NPD was developed as a new and alternative approach to the traditional Private Finance Initiative (PFI) model.

Mike Weston, the CEO of PiP said: “We are pleased to have been able to increase UK pension scheme investment into this high-quality new hospital.

“It is delivering a great healthcare service to the residents of Dumfries and Galloway and also now contributing to the long-term retirement income security of thousands of pensioners across the UK.”