Vauban Infrastructure Partners is investing in a concession contract with a hospital in Milan, Italy.
The affiliate of Natixis Investment Managers has bought a majority stake in Progeni, a special-purpose vehicle that manages the concession contract for the provision of non-medical services for the Niguarda Hospital.
It was sold by a number of Italian industrial companies: CMB, Gemmo, Coopservice, CIRFOOD, BPER Banca, Servizi Italia and CCC.
The project is regulated by a concession agreement signed in 2006 between Progeni and ASST Grande Ospedale Metropolitano Niguarda, and consists of the initial redevelopment of the hospital and the management of follow-on services until 2033.
The construction of the hospital was completed in 2013 and the project is in its operating phase, providing non-medical services to the hospital such as maintenance and management of buildings and heating plants, provision of catering services for patients and employees, cleaning and waste disposal services.
Niguarda Hospital is one of the largest and most advanced facilities in the healthcare system of Milan, and has been at the centre of dealing with COVID-19 in the city this year.
Vauban said the transaction was “significant due to the impact of the COVID-19 pandemic and its consequences”, and it has established a strategy to ”align the interests of all stakeholders over the long term”.
The stake in the concession is being acquired for Core Infrastructure Partner III, a 25-year fund, which Vauban said would ensure “long-term commitment”.