(16 November 2004 – Australia) Commonwealth Bank has taken a 50 percent stake in the Newham University Hospital PFI project in the UK.The investment is the first of its kind for the CBA following the announcement of a joint venture with John Laing plc in June 2004.
UK based John Laing develops, funds and operates major infrastructure projects both in the UK and overseas.
The project is a ₤35 million (A$84.5 million) redevelopment of Newham University Hospital which is due to be completed in the middle of 2006.
The bank said construction was ahead of schedule.
The Laing-CBA joint venture is currently working on a number of other bids for projects in both the UK health and European roads sectors.