SNC-Lavalin and the McGill University Health Centre (MUHC) are proud to announce the financial closure and official signing of a partnership agreement between the MUHC and the McGill Health Infrastructure Group (MHIG), composed of SNC-Lavalin and Innisfree Ltd. Under this 34-year public-private partnership (PPP) the MHIG will design, build, finance and maintain the MUHC’s new Glen Campus. Construction is underway and should be completed in the autumn of 2014. Once completed, MHIG will maintain the campus for the next 30 years.
The MHIG has raised $764 million through the sale of Senior Secured Bonds, which have been assigned a rating of A- by Standard & Poor’s and A (low) by DBRS. SNC-Lavalin Inc. and Innisfree Secondary Fund LP committed to invest, directly or indirectly, an amount of $192 million in equity and subordinated debt. The MUHC will also contribute to the financing, mainly through its $300-million fundraising campaign, which reflects the community’s support for the project. Credit facilities have also been obtained for the duration of the construction.
Covering an area of 220,000 cubic metres, the MUHC’s Glen Campus will make it possible to centralize ambulatory services for 25 departments and offer dedicated areas for world-class teaching, research and patient care, as well as 20 operating rooms, 154 paediatric and 346 adult single-patient rooms-all with private bathrooms and space for visiting family members. The New MUHC will transform health care by creating healing spaces that are respectful of the environment.