HICL buys Newcastle libraries stake

6th Apr 2010 08:32

Investment trust HSBC Infrastructure (HICL) has bought a 50% stake in the Newcastle City Libraries private finance initiative (PFI) project.The company is paying 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 are clocking up record visitor numbers.