Interserve banks £35m from sale of PFI stake
Interserve is raising £35m in cash by selling part of its interest in the University College London Hospital (UCLH) PFI project to Credit Suisse.
Interserve began working with UCLH as part of the winning PFI consortium in 2000, along with Balfour Beatty. It managed the transition and migration of services from the old premises to the new hospital and will continue to provide facilities management services until the end of the PFI contract in 2040, when the hospital will be handed over to UCLH NHS Foundation Trust.
"The sale of part of our interest in the UCLH PFI project demonstrates the ongoing enactment of our strategy of making our PFI portfolio self-financing over the medium term," said Interserve group finance director Tim Haywood. "Our approach is to dispose of assets once we have added most of the value possible in a given contract. We have taken the opportunity to do this with UCLH, which comes after several recent investments including in the South-West Acute Hospital in Enniskillen, Northern Ireland, and the West Yorkshire Police PFI."
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This article was published on 21/06/2012 (last updated on 21/06/2012).