Business
Cumbria LIFTCo Appointment
Cumbria LIFTCo Appointment.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n RNS Number : 3532A Sutton Harbour Holdings PLC 07 October 2009 \n \nFor Immediate Release 7 October 2009\n \nSutton Harbour Holdings PLC ('Sutton Harbour')\nCumbria LIFTCo appointment\n\nFurther to the announcement in May 2009, the Board is now pleased to report that Sutton Harbour, as part of a consortium operating as Express LIFT Investments Limited ('ELIL'), (in which Sutton Harbour has a 40% holding, Anagennao Investments, 40% and Cyril Sweett Investments, 20%) has been selected by NHS Cumbria as its Private Sector Partner following the first bid under the NHS Express LIFT National Framework ('Framework'). \n\nELIL will work with NHS Cumbria over the next few 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. This will involve the development of high quality, primary healthcare facilities. Cumbria LIFTCo will earn income from future rentals, management charges and pre-construction development fees. The completed facilities will be let under long-term, pre-agreed index linked leases to local NHS and / or local government tenants. \n\nConstruction 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. During the first five to six years of the twenty year partnership, Cumbria LIFTCo will undertake the delivery of an initial pipeline of projects which includes a number of community hospitals.\n\nCommenting on the Cumbria LIFTCo appointment, Nigel Godefroy...