Spanish hospital PPP sold

A Swiss fund has landed in Spain with the acquisition of 100% of a hospital in Madrid.

The Quaero European Infrastructure Fund has acquired a 100% stake of the Hospital del Tajo in Aranjuez, Madrid.  

Under a 30-year concession, the hospital was awarded in 2005 to concessionaire Explotadora del Hospital del Tajo, a consortium comprising Assignia (40%), Abengoa subsidiary Inabensa (30%) and Sando Concesiones (30%).  

Rubicon advised the equity owners on the sale.   

The PPP contract includes security, upgrade, maintenance of facilities, roads and gardens, cleaning, laundry, sterilisation, disinfection, internal-external transport, warehouse management and management of administrative personnel. It also includes exploitation of commercial areas.       

In operation since 2007, the 170,000sq m hospital provides clinical services to over 70,000 people from the municipalities of Aranjuez, Colmenar de Oreja, Chinchon, Valdelaguna and Villaconejos.    

It generated revenues of €9m 2014, with an operating profit of €4.5m and financial debt of €45m.