BBGI takes Montreal hospital P3 stake

BBGI has acquired a further 25% stake in the Center Hospitalier de l'Université de Montréal (CHUM) P3.

BBGI has acquired a further 25% stake in the Center Hospitalier de l'Université de Montréal (CHUM) P3.

The C$88m stake is being purchased from OHL, and will be added to its existing 66.6% stake in the project.

The $1.3bn project was delivered in 2016 by a consortium of Walsh, Bilfinger and Laing O’Rourke – the latter of which posted that the scheme had caused a $215m loss to its business through continuous difficulties.

The Quebec hospital had over 700 patient rooms and nearly 40 operating theatres, and its concession will run until 2050.

BBGI’s co-chief executive officers Duncan Ball and Frank Schramm said the acquisition is part of a “strategy to remain disciplined and selective” with investments, selecting only “availability-based assets that also align with our ESG principles, and not in higher risk infrastructure asset classes”.