Morgan Sindall Investments Limited (MSIL) had held a 33.5% share since the project started in 2007. The construction phase of the project was completed in 2009.
Morgan Sindall said that the disposal was in line with its strategy to realise investments as they mature on completion of construction, to recycle capital into new projects. The £3.8m received was above Morgan Sindall’s current valuation of the investment but in line with HICL’s valuation of similar assets.
HICL, an infrastructure investment vehicle set up by HSBC, now owns 67% of the Dorset Fire & Rescue PFI project.
The project is a 27-year concession to design, build, finance and maintain a combined police and emergency services headquarters building in Poole, a fire station in Poole and a fire station and fire services headquarters building in Poundbury, Dorchester. Hard facilities management services are undertaken by Cofely Technical Services, part of the GDF Suez group.
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