The price tag is in line with the current valuation range of similar UK PFI investments in the company’s portfolio.

The deal, which takes the number of projects in HICL’s portfolio to 28, will be funded through its existing cash resources.

The project was developed and built by Carillion and has been operational since December 2006. Carillion will continue to provide facilities management services for the project. Royal Bank of Scotland holds the other 50 per cent stake in the project.

Tony Roper, director of HSBC Specialist Fund Management and HICL’s investment adviser, commented: “I am pleased to have acquired this project from Carillion. It is a high quality asset with a good operational track record. This new investment will be a good addition to the existing HICL portfolio and increase the number of investments in health schemes to seven.”

He added: “We look forward to working with both Carillion and RBS to ensure this project is well managed and successful.”