February 9, 2011
McGill University Health Centre wins private finance initiative award
The Thomson Reuters international news agency has awarded its 2010 private finance initiative (PFI) award for public-private partnership deal of the year (Americas) to the McGill University Health Centre, Groupe immobilier santé McGill and Infrastructure Québec for the financing of the centre’s new Glen campus project.
The awards are considered the ultimate recognition of achievement in global project financing.
A consortium led by SNC-Lavalin with its partner Innisfree will develop the 300,000-square-metre, 500-bed facility under a design-build-finance-maintain contract comprising a 30-year operating period.
The facility is the largest such greenfield hospital project in Canada.
The financing was put in place by Groupe immobilier santé McGill, composed of SNC-Lavalin and Innisfree.
It involved a combination of bank and bond financing.
“The novel aspect of this financing is the massive contribution from the bond portion in combination with the bank portion,” said Gilles Laramée, executive vice-president and chief financial officer, SNC-Lavalin Group Inc.
He said the award also confirms SNC-Lavalin’s and its partners’ ability to structure financing that is adapted to market conditions.
The prize was awarded at a recent awards dinner held in London.
DCN NEWS SERVICES
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