BBGI Global Infrastructure picks up stake in Canadian healthcare network
Investment company BBGI Global Infrastructure said on Wednesday that it had agreed to take up a 25% stake in the Canadian healthcare network Center Hospitalier de l'Universite de Montreal.
BBGI will pay roughly CAD $88.0m (£51.69m) for the stake in CHUM, funded from the firm's £230.0m corporate revolving credit facility and existing cash resources.
The FTSE 250-listed firm highlighted that the investment was part of a public-private partnership project to develop a hospital facility, including new buildings, parking, and retail areas.
Joint chief executives Duncan Ball and Frank Schramm said: "We are delighted to acquire this high-quality availability-based social infrastructure investment with strong ESG credentials. This important hospital facility delivers healthcare services to the Montreal community and the broader Province of Québec.
"Our strategy is to remain disciplined and selective in our approach to acquisition opportunities by only investing in availability-based assets that also align with our ESG principles, and not in higher-risk infrastructure asset classes."
Separately, BBGI said it had made an application for 857,020 ordinary shares to be admitted to the London Stock Exchange, with admission expected to become effective on 21 October. Following admission, the number of ordinary shares the company has in issue will be 712.12m.
As of 1050 BST, BBGI shares were up 0.23% at 176.20p.