Partner Article

Investment group backs city library

Investment group HSBC Infrastructure has reportedly bought a 50% stake in the Newcastle City Libraries private finance initiative (PFI) project.

According to reports, the company will pay Kajima Partnerships Limited £3m for a half-share in the project.

Kajima will retain a 50% stake in the project. HSBC Infrastructure jointly owns and manages six other projects with Kajima.

The project is a £30m, 25 year concession to finance, construct and maintain the new city centre library in Newcastle and an additional satellite library in High Heaton.

The libraries have been open since March 2009 and have proved an overwhelming success.

This was posted in Bdaily's Members' News section by Ruth Mitchell .