Summit's MESL subsidiary business completes financial close on a £34m Independent Treatment Centre project.
Mendip Independent Treatment Centre
Summit Asset Management Summit Asset Management Limited (‘SAM’) in conjunction with its subsidiary Medical Equipment Solutions (‘MESL’) recently completed a £16 million facility for Mendip Independent Sector Treatment Centre (‘ISTC’). Situated in Shepton Mallet, Somerset it operates as the Shepton Mallet NHS Treatment Centre.
The Mendip ISTC was one of 23 such contracts to be awarded by the Department of Health. Designed to bring new working practices into the NHS and cut waiting lists, the centre has capacity to carry out 11,000 clinical procedures every year and expects to treat patients within 14 weeks of their referral to the centre.
The centre can accommodate 34 beds and has 4 operating theatres, an endoscopy suite, a day surgery facility, plus medical imaging and physiotherapy departments.
The contract was awarded to a consortium led by OR International and included the New-York- Presbyterian Hospital and W.S. Atkins Plc.
SAM structured the transaction as a lease, the first time such a structure had been used for what started out as a conventional Public Private Partnership (‘PPP’) contract. Banc America Leasing Global Vendor Finance (‘Bank of America’) provided the head funding for the project.
Summit Asset Management Limited, a member of The Summit Group Limited, is a leading provider of innovative leasing and project finance solutions to the medical, technology and environmental sectors.
Summit Asset Management’s products include operating leasing, shorter-term rental and asset financing for service based contracts.
Bank of America Corporation (NYSE: BAC) is one of the world’s leading financial services companies. The company’s Global Corporate and Investment Banking group (GCIB) provides investment banking, equity and debt capital raising, research, trading, risk management, treasury management and financial advisory services. Through offices in 35 countries, GCIB serves domestic and international corporations, institutional investors, financial institutions and government entities. Many of the company’s services to corporate and institutional clients are provided through its U.S. and UK subsidiaries Banc of America Securities LLC and Banc of America Securities Limited. Issued and approved by Banc of America Securities Limited authorised and regulated by the Financial Services Authority. For additional information, visit www.bankofamerica.com.
For further information about Summit Asset Management Limited and our medical business contact Neil A.Roberts at Summit Asset Management Tel: +44(0)1932 – 575888