Polestar advised on the successful £80m fundraising for the Kent Institute of Medicine and Surgery (KIMS), providing FDD and transaction support for the senior lender Clydesdale Bank (£34m) and the mezzanine lender, an affiliate of Magnetar Capital and Management.
Located near Maidstone, KIMS is a tertiary hospital providing world-class facilities to the Kent and London areas. Building started immediately and completed in April 2014; the building was officially opened by HRH The Duke of Gloucester. The main areas of expertise are cardiology, orthopaedics, and neurology.
To reach this stage it has taken six years of tireless preparation by Management and its advisors. Richard Hall, Partner at Polestar, not only provided FDD but also helped Management solve some of the project’s complex financing challenges.
Richard commented:
“At a time when new-build construction projects are more difficult to fund, this deal demonstrates what can be achieved when there is a strong business case supported by a passionate, committed team of Management, advisors and funders all willing to work collaboratively to find solutions that work for all parties.”
James Dickmann, KIMS Business Development Director, commented of Polestar:
“We simply wouldn’t have been able to do the deal without their help. They showed a really high level of expertise and their willingness to go the extra mile was fundamental to the success of the fundraising.”
