June 3, 2021, Vancouver, BC - Concert Infrastructure is pleased to announce that it has acquired its partner’s 70% interest in Affinity Partnerships, the project company established to design, build, finance, and maintain the BC Children’s and BC Women’s Redevelopment Project Phase 2 – Teck Acute Care Centre. Concert Infrastructure therefore now owns 100% of Affinity Partnerships.
This acquisition supports Concert Infrastructure’s purpose of investing in Canadian infrastructure projects, strengthening communities, while providing stable, predictable, long term financial returns for our Canadian union and management pension plan shareholders.
Concert Infrastructure has been involved in the project since its initial investment, a 30% acquisition of Affinity Partnerships in December 2020. At that time, Concert Infrastructure assumed the responsibility for the leadership and management of the public private partnership project under a Management Services Agreement, while CWH Facilities, a joint venture between Balfour Beatty Communities and Black & McDonald Limited, remained the day-to-day facilities management service provider. There are no changes to the service and operational structure as a result of this acquisition.
“Acquiring Balfour Beatty’s interest in the project supports Concert Infrastructure’s strategy of not only investing in primary assets, but also in acquiring secondary infrastructure assets that enhance the strategic position of the company in the Canadian infrastructure sector while providing long term stable financial returns to our unitholders,” says Derron Bain, Managing Director, Concert Infrastructure. “Concert has been a proud supporter of BC Children’s and Women’s Hospital for several decades, and we are especially proud to now join the Provincial Health Services Authority as the 100% partner and project lead of the Teck Acute Care Centre.”
The construction of the Teck Acute Care Centre began in 2014. On October 29, 2017, 110 patients were moved into the new facility in just five hours, marking the beginning for BC Children’s and BC Women’s Hospital. The Teck Acute Care Centre now provides a state-of-the-art facility and equipment for health care professionals to give specialized care for the most seriously ill newborns, children and complex obstetrical patients with convenient on-site access to other supporting departments.
This announcement takes on special meaning, as Concert Infrastructure joins the PHSA team and project during a global pandemic that has placed considerable stress on all aspects of the B.C. health system, most notably frontline health care workers. Concert Infrastructure will continue to professionally support the facility and the hard work of all staff, collectively working to overcome the pandemic and meet the healthcare needs of families across British Columbia into the future.
About Concert Infrastructure
Concert Infrastructure, an independent long-term investor, developer and manager, was established to partner with governments to deliver critical public infrastructure assets that support essential public services that strengthen the economic and social fabric of Canadian communities and the well-being of Canadians.
Concert Infrastructure is affiliated with Concert Properties, a diversified Canadian real estate corporation wholly-owned by union and management pension plans representing over 200,000 Canadians. Today, the Concert portfolio includes rentals, condominiums, seniors' active aging communities, industrial and commercial properties, and public infrastructure projects across Canada. Concert believes strong, sustainable communities are fundamental to the social well-being of all Canadians. Putting people first is at the heart of the Concert story.
See www.concertinfrastructure.com for more information.
Derron Bain, Managing Director
DBain@ConcertInfrastructure.com | 647.789.2066