Summit's MESL subsidiary business completes financial close on a £34m Independent Treatment Centre project.
Avon, Gloucestershire and Wiltshire ISTC
Summit Asset Management Limited ("SAM"), in conjunction with its subsidiary Medical Equipment Solutions Limited ("MESL"), recently completed financial close on a £34 million facility for the Avon, Gloucestershire & Wiltshire Independent Sector Treatment Centre.
Situated on multiple sites within the south-western region, the centres will have capacity to carry out up to 20,000 clinical procedures every year.
The Avon, Gloucestershire & Wiltshire ISTC was one of seven phase 2 contracts to be awarded by the Department of Health. They are designed to bring new working practices into the NHS and cut patient waiting lists.
The contract was awarded to the UK Specialist Hospitals group, with whom SAM worked on the earlier Mendip ISTC, a phase 1 project costing £16 million.
Summit structured the transaction as a lease, the second time such a structure had been used for what started out as a conventional Public Private Partnership (‘PPP’) contract.
KBC Bank NV is providing the head funding for the project.
Summit Asset Management, 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.
For further information about Summit Asset Management contact Neil A. Roberts, Summit Asset Management, Tel: +44 (0)1932 575888 or Lynne Brooks, Medical Equipment Solutions, Tel: +44 (0)1932 575885.