We are pleased for our colleagues at Sandwell and West Birmingham NHS Trust and the government now that they have reached their agreement. This is great news for their staff and local people.
With construction on Midland Metropolitan Hospital in its early stages and the original funding scheme withdrawn, this is clearly the best way forward for them. Their Trust will now need to appoint a construction firm and work is expected to start in 2019 and finish in 2022.
With the new Royal, construction is much nearer to completion and the funders for the project; The European Investment Bank and Legal and General Pensions remain committed, at this stage.
We are working with our colleagues in government and the funders to bring these negotiations to a conclusion as soon as possible.
Did you know:
- Around three quarters of the funding for the new Royal is provided through public sources including Legal and General (pension funds), The European Investment Bank (EIB), the Department of Health and the Trust.
- The central purpose of the EIB is to invest in infrastructure and regeneration and this type of investment is also attractive to pension schemes.