- Fully operational hospital built under the Scottish NPD model
- On behalf of UK pension scheme investors, PiP becomes the sole project owner alongside the Scottish Government
Pensions Infrastructure Platform (“PiP”), the specialist infrastructure investment manager established to facilitate long term investment into UK infrastructure by pension schemes, today announced it has completed the acquisition of a 50% ownership stake in the new Dumfries and Galloway Royal Infirmary (“DGRI”) from Laing O’Rourke (“LOR”). This acquisition adds to PiP’s existing 50% ownership interest and makes PiP the sole equity owner in the project alongside the Scottish Government, on behalf of its UK pension scheme investors.
The new DGRI was built by LOR as part of the Scottish Government’s Non-Profit Distributing (“NPD”) infrastructure model and became fully operational in December 2017.
Mike Weston, CEO of PiP said “We are pleased to have been able to increase UK pension scheme investment into this high-quality new hospital. It is delivering a great health care service to the residents of Dumfries and Galloway and also now contributing to the long-term retirement income security of thousands of pensioners across the UK.”