First investment in Laing-Commonwealth Bank joint venture
12 November 2004
Commonwealth Bank of Australia has taken a 50% investment in the Newham University Hospital PFI project in the UK, which was successfully bid and closed by Equion Ltd. This is the first investment for the Commonwealth Bank following the announcement of a joint venture between John Laing plc (Equion’s parent company) and the Commonwealth Bank in June, 2004.
The £35 million redevelopment deal of Newham University Hospital reached financial close in January 2004 and construction of new and redeveloped facilities is due to be completed by mid-2006. Construction is currently five weeks ahead of schedule and includes new modern premises for the ambulatory care and diagnostics unit, new clinical facilities, a redesigned entrance, redevelopment of the car park, landscaping and refurbishment of the kitchen and restaurant areas.
The Laing-Commonwealth Bank joint venture is currently working on a number of bids for projects in the UK Health and European Roads sectors