NHS Cumbria names PFI partner

NHS Cumbria has named the private sector partner that will build and manage healthcare facilities in the region over the next 20 years.

It is forming a joint venture with Express Lift Investments Limited (ELIL), a consortium made up of the Plymouth developer Sutton Harbour, London-based public finance initiative specialist Anagennao Investments and building services group Cyril Sweett Investments.

ELIL will work with NHS Cumbria in the coming weeks to establish Cumbria LIFTCo, a public-private joint venture in which ELIL will have a 60% holding with 20% each being held by NHS Cumbria and the Department of Health.

Cumbria LIFTCo will handle the development of primary healthcare facilities, including community hospitals, and earn income from future rentals, management charges and pre-construction development fees. The completed facilities will be let under long-term, pre-agreed leases to local NHS and or local government tenants.

Construction projects will be financed through a combination of senior lending from banks and other financial institutions with subordinate loans being provided by both the public and private sector shareholders.