A Carillion-led joint venture has reached financial close on the £600 million Southmead Hospital Public Private Partnership project in Bristol.
The contractor will deliver the £430 million 800-bed acute hospital, in which it is investing £50m of equity, as well as £170 million of facilities management and maintenance services for 30 years after completion.
The new hospital, which includes an integrated 28-bed community hospital, will concentrate acute services currently provided at Southmead and Frenchay hospitals on to a single site at Southmead in North Bristol.
Advanced construction work started in August last year, with the hospital due to open in early 2014.
Carillion will also provide a fully landscaped site after removing the existing outdated buildings.