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(Alliance News) - Infrastructure investment company BBGI SICAV SA on Wednesday said that it has acquired the remaining 50% equity interest in the Kelowna and Vernon Hospitals public-private partnership project.
The contractual arrangements between the parties require that the exact purchase price be held confidential but can be confirmed to be less than GBP15 million, the FTSE 250-listed company said.
The cash consideration for the Kelowna and Vernon Hospitals project was funded from the company's existing cash resources and debt facilities.
Kelowna and Vernon Hospitals consists of a patient care tower, University of British Columbia clinical academic campus and car park, and a clinical laboratory support building at Kelowna Hospital, and a patient care tower at Vernon Jubilee Hospital, totalling approximately 70,000 square meters of space.
Duncan Ball, co-chief executive of BBGI SICAV, said: "Having first acquired an interest in these important healthcare facilities in 2013, we are delighted to be able to further increase our equity interest via a follow-on investment. This acquisition was made on accretive terms and concluded without engaging in an auction process."
Shares in BBGI SICAV were 0.1% lower at 168.60 pence each in London on Wednesday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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