Camore Partnership Ltd
New Victoria & Stobhill Hospitals
Advised the sucessful bidder on the initial project financing and subsequent contract variation
Glasgow’s New Stobhill Hospital is to be expanded to include 60 beds, it has been announced. The hospital, which opened in 2009, has already won three prestigious design awards. It is one part of a major private public partnership between NHS Greater Glasgow & Clyde and its partners which is providing new hospitals in the north and south of Glasgow.
A project company, owned by Barclays Infrastructure Funds and UME Investments, provides and maintains the new facilities which are operated by the Health Board. Existing investors have injected £2.3m more investment into the project. £17.6m million of additional senior debt is being provided by Barclays Bank. Canmore Partnership initiated the transaction and remain involved in managing the project. Quayle Munro advised the project company.
Robert Calderwood, the Health Board’s Chief Executive said: “This project is already delivering world class facilities to patients and staff in Glasgow. We are proud to be able to announce this expansion which will provide modern ward accommodation and allow us to maximise the use of the superb day surgery facilities at the New Hospital.”
Anita Gregson of Barclays Infrastructure Funds and a director of the project company commented: “ This is aleady a very successful hospital, but it has been particularly challenging to attract new lending in very difficult market conditions. This is a great illustration of our our enduring and expanding partnership with NHS Scotland.”
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