Alder Hey in the Park hospital project picks up two prestigious industry awards
The new Alder Hey in the Park Hospital, which is being developed as part of the Alder Hey (Special Purpose Vehicle) Ltd consortium comprising of John Laing, Laing O’Rourke and Interserve, has won two industry awards which recognise projects that have made a significant impact on the financing of global infrastructure.
The project took home both the Social Infrastructure ‘Deal of the Year’ and overall ‘Deal of the Year’ prizes at the 2014 IJ Awards, with the consortium being praised for the innovative financing structure that was specifically developed for the project and saw M&G Investments, the asset management arm of Prudential, provide two separate tranches of debt totalling £67 million – the first time in the UK that an institutional investor has lent directly. The PFI project also enabled the European Investment bank to lend £54.5 million to the project, with the cost spread across the next 30 years post construction completion.
Overall, John Laing and Laing O’Rourke each hold 40% of the total investment equity in the project whilst Interserve hold 20%, with Laing O’Rourke responsible for the design and build of the hospital and Interserve maintaining the hospital infrastructure.
The project, due to be completed in the autumn of 2015, will see a new £170m hospital built in Liverpool on behalf of Alder Hey Children’s NHS Foundation Trust and has been designed to give direct access to adjacent Springfield Park which will benefit both patients and staff alike.
Peter Ward, Director of Healthcare Projects for John Laing, said: “The new Alder Hey Children’s Health Park is a really visible example of the way new facilities can help improve the quality and efficiency of NHS care. By putting children at the centre of the design, and objectively comparing funding routes we have ended up with an innovative financing structure that will keep the Trust’s operating costs as low as possible, while giving patients and their families the best possible environment.”
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