5 February 2019 | Herpreet Kaur Grewal
Health and care property company Prime has completed a deal to purchase full shares in joint venture company Interserve Prime, according to a statement on its website.
The company will be known as Prime Partnering Solutions Ltd as it "continues to fulfil its role in providing outstanding services to its existing strategic estates partners".
The acquisition will have "no impact on ongoing projects other than to offer increased efficiency and the convenience of a single point of contact to clients and suppliers".
Interserve remains, "a key supply chain partner to Prime and the two companies continue to enjoy a good working relationship".
Prime works across the health and care system and has more recently become a leading partner for the acute sector, having delivered projects through Strategic Estates Partnerships (SEPs) for four years.
SEPs are 50-50 joint venture companies operated between the public and private sector. They offer huge flexibility and reduced risk to both partners, enabling better outcomes in the delivery of services when the public sector partner needs them, without the obligation to use them. SEPs can deliver a broad range of projects and services to public sector clients, from developing new clinical and commercial real estate through to FM and consultancy services.
SEPs are quick and cost-effective to procure and allow for a range of commercial contract structures, either investing public or private capital solely, or blending both to create the best financial fit for the client.
As Prime moves forward with its wholly owned strategic estates partner vehicle, chief executive Leighton Chumbley said: "We believe there is further opportunity to enrich the health community and revolutionise how estates transformation is achieved at a local level. By utilising SEPs to support Sustainability and Transformation Plans (STP) trusts and their health partners could access capacity and capability to integrate health delivery and realise their clinical aspirations."