PRNewswire — Circle, the employee-owned partnership of clinicians, has today secured £50m to fund its second new-build hospital – CircleReading.
In a deal that signals a breakthrough in the UK development finance freeze, the site for the hospital has been purchased by the real estate investment arm for BP’s pension fund, Ropemaker Properties, who will also provide financing for the construction.
CircleReading marks another milestone in Circle’s programme to build and operate a new generation of state-of-the-art hospitals across the UK.
Circle opened its first new-build hospital – CircleBath – in March 2010.
CircleBath has proved its concept to deliver a new style of patient experience to both private and NHS patients – combining award-winning building design with high quality clinical care and five-star hospitality.
CircleReading will follow the same patient-centric model and is due to open to the public in Autumn 2012.
Coming on the back of their selection as the preferred partner to run Hinchingbrooke hospital – the first NHS hospital to be franchised to the independent sector – last week, the development of CircleReading confirms that Circle’s ambitious expansion strategy is on track.
Ali Parsa, Circle’s Managing Partner said: “Circle was founded to redefine healthcare delivery in this country. Patient and GP reaction to our first hospital – CircleBath – has been phenomenal. We have now set our sights on transforming the hospital experience and quality of care available to patients in Reading.”
Tim Hayne, of Ropemaker Properties said:”We are very pleased to be able to facilitate the development of the latest Circle hospital.”
Dominic Reilly, of King Sturge Finance said:”King Sturge Finance is delighted to have achieved a successful financing solution on behalf of Circle and to be working with Ropemaker Properties on such an innovative and exciting real estate project”