RCS England secures £40 million investment to finance the final stages of redevelopment
09 Nov 2020
RCS England has received a £40 million investment from Pension Insurance Corporation plc (PIC) to finance the final stages of the redevelopment of the grade II listed Barry Building.
This investment will transform the building into a state-of-the-art headquarters for training the next generation of surgeons, and help them to achieve and maintain the highest standards of surgical practice and patient care.
Key points of the transaction:
- The transaction has an investment term of 30 years
- The amortising debt profile is a good match for PIC’s future pension payments
- The redevelopment project commenced in 2017 and is due for completion in 2021
- The transaction was arranged by Lloyds Bank
Professor Neil Mortensen, President at the Royal College of Surgeons of England said: “We are pleased to have secured this funding from PIC. The redevelopment will see the building transform from a sprawling warren of corridors, built in the aftermath of WWII, to a state-of-the-art training centre for future generations of surgeons, whilst retaining its historical significance.
“Our new building will be the nerve centre for the development and proliferation of the best surgical training techniques and practice in the world. Surgical skills taught here in the coming century, will radiate into operating theatres around the world, for the benefit of millions of patients.
“It is the first time we have worked with an institutional investor and the PIC team showed great understanding and knowledge in structuring this investment to meet our needs.”