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Concert Infrastructure Fund Acquires Interest in the BC Children’s and BC Women’s Redevelopment Project Phase 2 – Teck Acute Care Centre
Concert Infrastructure Fund is very pleased to announce the acquisition of a 30% interest in Affinity Partnerships from Ledcor Developments Ltd. Affinity Partnerships is the project company established to design, build, finance, and maintain the BC Children’s and BC Women’s Redevelopment Project Phase 2.
The public private partnership (P3) project involved the demolition of the A-Wing and L-Wing of the existing Shaughnessy building and construction of the BC Children’s Hospital, now known as the Teck Acute Care Centre (Teck ACC), the second phase in the three-phase, multi-year initiative. The Teck ACC opened in 2017.
“As long-time supporters of the important work at BC Children’s and Women’s Hospital and the efforts of the BC Children’s Hospital Foundation, Concert is ecstatic to be a part of this landmark project in our home province,” says Derron Bain, Managing Director, Concert Infrastructure. “We look forward to establishing a strong partnership with the Provincial Health Services Authority to support the provision of state-of-the-art health care and positive outcomes for the children and women of British Columbia and their families.”
The eight-storey, LEED Gold, Teck ACC comprises an expanded emergency department, a pediatric intensive care unit, state-of-the-art operating rooms, advanced diagnostic imaging facilities, neonatal intensive care units, as well as medical and surgical inpatient units within all patient rooms. All 231 patient rooms are private with beds for overnight visitors. Over 400 pieces of art were purposely designed and commissioned to lower anxiety, help reduce stress and pain, and promote a child’s healing.
“As a leading multi-disciplined Canadian Contractor involved in numerous public infrastructure projects, Ledcor directly invests in private public partnerships when the project falls within our core operations or operating capabilities and has an appropriate risk profile,” said Candice Alderson, SVP and Head of Ledcor P3 Division. “Once a P3 project is completed and the asset is performing well, Ledcor’s equity position becomes attractive to longer term investors, such as Concert. The Teck ACC has been operating successfully for a number of years now, so we are shifting our focus and capital to new P3 projects in BC and across Canada. We appreciated the opportunity to work closely with Balfour Beatty and the BC Provincial Health Services Authority to upgrade BC’s primary pediatric acute care health facility into one of the best in the world.”
Through the acquisition of the 30% interest in BC Children’s and BC Women’s Redevelopment Project Phase 2, Concert Infrastructure continues to effectively represent the objectives of its Canadian union and management pension plan unitholders, providing a long-term investment in a prominent British Columbia infrastructure project, while adding a new asset class to its portfolio.
About Concert Infrastructure
Concert Infrastructure is an independent, long-term investor, developer and manager of public infrastructure, and has been successful in forming strong strategic partnerships and securing solid investment opportunities for its pension plan investors. Concert Infrastructure approaches each project with the intention of remaining a partner for the duration of the project, valuing long-term, stable returns for our ten Canadian union and management pension fund shareholders. Concert Infrastructure invests Canadian dollars in Canadian projects that span five provinces and territories. Over 80% of our facilities meet the LEED Gold or Silver sustainable building standard.
See www.concertinfrastructure.com for more.
Derron Bain, Managing Director
DBain@ConcertInfrastructure.com | 647.789.2066