Swedish builder-developer Skanska is selling its stakes in two UK hospitals to three of the company's country-specific pension funds for £80 mln (€111 mln).
Swedish builder-developer Skanska is selling its stakes in two UK hospitals to three of the company's country-specific pension funds for £80 mln (€111 mln).
Skanska is divesting its share of 37.5% in the two PPP-hospitals (Public-Private Partnership) that own St Bartholomew’s Hospital and the Royal London Hospital, both in London.
The transaction will be recorded by Skanska Infrastructure Development in the fourth quarter of 2015.
Skanska's UK pension fund is taking a 60% share of the acquisition, with its Swedish and Norwegian pension funds each taking 20%. Skanska UK will continue to undertake the operations and maintenance of the hospitals.
The historic St Bartholomew’s Hospital (Barts) has been transformed into a specialist cancer and cardiac centre. The Royal London Hospital houses a specialist women and children’s centre and accident and emergency treatment.
The first phase of the new Barts Hospital was handed over in March 2010 and the final phase will be completed in early 2016. All construction work at the Royal London has been completed and the facilities handed over.
Skanska Infrastructure Development invests in, develops and operates roads, hospitals, schools, power plants and other social infrastructure in partnership with the public sector.