Bevan Brittan has underlined its heavyweight credentials
in the projects sector by taking a headline role on a
groundbreaking £229m Private Finance Initiative (PFI) to
build a new state-of-the-art, 512-bed hospital in Kent.
The firm acted for existing client Maidstone and
Tunbridge Wells NHS Trust on the deal, which will see
the construction at Pembury of the UK’s
first acute hospital to offer every patient a single
room.
Bevan Brittan originally won the appointment to advise
the NHS Trust after a competitive tender process back in
2001.
The deal, which closed last week (26 March),
marks one
of the UK’s largest-ever health PFI deals to use debt
finance after the original bond finance package was
abandoned earlier this year in the wake of the impact of
the global credit crunch on bond markets.
Construction of the new 65,000 sq ft hospital, which
will include a dedicated women and children’s zone and
emergency surgery facilities, began today (31st
March) and is expected to be completed by 2010.
Bevan Brittan fielded a heavyweight team led by projects
partner Sharon Renouf and also including fellow projects
partner Chris Jarman and assistant Lucinda Billson.
Commenting on the deal, Sharon said: “This is likely to
be the only health PFI deal to be signed in 2008 and our
involvement in it is further testament to the strength
and depth of Bevan Brittan’s national projects
practice.”
She added: “After seven years of hard graft, it is
wonderful to see construction of this landmark new
healthcare facility finally begin.”
Laurence Bunnett, Project Director at Maidstone and
Tunbridge Wells NHS Trust, commented: “The Trust is
delighted to have concluded the lengthy procurement
process. The project has faced a number of challenges,
including a change in EU procurement procedures and NHS
capacity reviews. The new hospital will provide a
long-awaited replacement facility for the people of Kent
and Sussex and, with the innovative single room
approach, a new model of care in the NHS.”
Graham Goddard, Estates Development Director, added:
“The Bevan Brittan team was instrumental in ensuring the
project team met the deadline for financial close,
despite last-minute changes to the funding route.”
Denton Wilde Sapte acted for a consortium comprising
John Laing, Interserve and the Commonwealth Bank of
Australia, which will oversee the project, while US firm
K&L Gates is advising principal constructors Laing
O’Rourke.
Meanwhile, CMS Cameron McKenna acted for HBOS, which
provided the debt package for the scheme.
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