The investment manager of the railways pension scheme, which manages assets worth £37bn, has signed an agreement with Monkwearmouth Development to provide financing for the refurbishment and extension of Monkwearmouth Hospital in Sunderland.
The investment, in partnership with the Cumbria, Northumberland, Tyne and Wear NHS Foundation Trust, will create a new 35,000 square foot facility to enable the NHS Trust to provide a wide range of NHS services for the local community.
The deal, which is part of Railpen’s commitment to sustainable ownership, is expected to deliver long-lasting, inflation-linked returns for members of the Railroads Pension Plan.
Railpen Investment Manager Julian Allport said: “The creation of a new mental health center to provide more and better support for patients is a key initiative for the Sunderland community and one that meets all the investment criteria. Railpen’s strategy.
“The new facility will help more people than the one it replaces, create a much better environment for staff and patients, and generate long-term returns for our members. It’s exactly the kind of socially responsible and sustainable investment we’re looking for.”
Tyne and Wear NHS Foundation Trust Chief Executive James Duncan added: “Railpen’s investment in the new facility will ensure that our vital services, supporting people of all ages with their mental health needs, can continue to be provided. safely and effectively in the heart of the Sunderland community.
The financing deal follows Railpen’s investments earlier this year from the purchase of sustainable offices in Cambridge, a £29m investment in an Oxford business parkand a £92m investment in a build-to-let development in Barking.
JLL acted for Railpen in the deal.
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