Investor ups holding in mental health PFI

INVESTMENT fund BBGI has increased its stake in the private finance initiative vehicle which is delivering a new mental health hospital in Liverpool.

In a statement it said it had acquired 12.5% of the equity in Mersey Care, taking its stake to 76.2%.

It has also bought 10% of the sub-debt interest, meaning it will now hold 80%. The value of the deal was not disclosed.

The project consists of a new 85-bed facility at the old Walton Hospital site. It should be finished by the end of the year.

Co-chief executive Frank Schramm, said: “Having first invested in this high quality PPP/PFI project in 2013, we are delighted to secure this opportunity to further increase our stake. This small acquisition was made on accretive terms and was concluded without engaging in an auction process.”