Three schemes sold including Central Manchester University Hospital and Lancashire BSF
Global property and infrastructure firm Lend Lease has sold the equity in three healthcare and education Public Private Partnership (PPP) assets to the Lend Lease UK Infrastructure Fund for a consideration of £30m.
The fund was launched in December 2010 with £220m in committed capital available to invest in social infrastructure assets over the next five years. Lend Lease has a minority co-investment in the fund alongside the majority investor, Dutch pension fund service provider PGGM.
The assets sold include Central Manchester University Hospitals and two phases of the Building Schools for the Future programme for Lancashire council.
Lend Lease’s EMEA chief executive officer, Dan Labbad, said the sale was in line with the group’s strategy to recycle capital and invest alongside third party capital. He said: “This sale forms part of our strategy to unlock new investment opportunities and create value by efficiently recycling capital.
“Our integrated model allows Lend Lease to retain a long-term interest in all three PPPs, providing asset and facilities management services as well as ongoing fund management services. Our asset and facilities management team will continue to focus on providing leading edge customer service.”