Strategic Estates Partnership for University Hospital Southampton NHS Foundation Trust
We advised the Trust in forming a Commercial Estates Development Partnership (CEDP), which is UHS’s own tailored version of the Strategic Estates Partnership (SEP) model introduced to the NHS in 2010.
What we did that was special
We supported the Trust to bring forward the first two capital schemes to Financial Close and subsequently to Practical Completion. These were (in 2014-16) the redevelopment of the Main Entrance and Retail Areas and (in 2016-17) the construction of a multi-storey car park and reconfiguration of parking and access across the Hospital site.
Thanks to the commitment of the Trust’s joint venture partner, we secured upfront investment from a pension fund to pay for the development of a main entrance and retail area. A second pension fund invested in the development of a multi-storey car park and reconfiguration of parking arrangements across the whole of the Southampton General Hospital site using an income strip model. The pension fund investments were secured by leasing the completed assets back to the Trust in return for a revenue stream to meet the loan payments.