Canada Life Asset Management has purchased a 140-year leasehold interest in a site forming the first phase of Adanac Health & Innovation Campus, Southampton for University Hospital Southampton NHS Foundation Trust.
The GBP26.5 million funding package for the construction of a 1,000 space multi-storey park and ride car park aims to complete construction by April 2022, when the hospital trust will enter a 40-year leaseback at an initial rent of GBP642,512 pa with annual upward rental uplifts to RPI uncapped.
Michael White, Head of UK Property at Canada Life Asset Management, says: “I’m delighted that Canada Life Asset Management has been able to help the Trust bring forward this initial project at Adanac. The car park will free-up space and congestion in and around the General Hospital campus to enable increased capacity for future additional frontline services. The car park has been designed to a high standard in provision of disabled access spaces and with future electric vehicle charging in mind.”
Ewan Forsyth, Development Director at Prime, adds: “We are delighted to have financially closed the Adanac Park & Ride project. This is great news and the culmination of over five years of activity for the Prime team.
“This development will help solve current parking challenges and lay important foundations for future development of the Hospital, its services and its capacity to continue to meet the needs of patients, staff, students and Trust partners.”
Prime will lead the procurement of construction.
Source: Private Equity Wire
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