Lend Lease has sold the equity in three UK healthcare and education public private partnership assets to the Lend Lease UK Infrastructure Fund for £30 million.
The fund was set up with Dutch pension fund service provider, PGCM, in December to invest in established healthcare, education and accommodation projects in the UK built and owned by Lend Lease. The contractor has a minority co-investment in the fund.
The latest sale includes Central Manchester University Hospitals and two phases of the Building Schools for the Future programme for Lancashire County Council.
Dan Labbad, chief executive officer of Lend Lease Europe, who was announced as co-chair of the Green Construction Board last week, said: “This sale forms part of our strategy to unlock new investment opportunities and create value by efficiently recycling capital.
“Our integrated model allows Lend Lease to retain a long-term interest in all three PPPs, providing asset and facilities management services as well as ongoing fund management services. Our asset and facilities management team will continue to focus on providing leading edge customer service.”
The fund was launched with £220 million in committed capital available to invest in social infrastructure assets over the next five years. When it launched it purchased established healthcare, education and accommodation PPP assets from Lend Lease.