A consortium lead by John Laing, the public-private development company, Commonwealth Bank of Australia and maintenance and building group Interserve, has raised £225m for the development of Pembury Hospital in Tunbridge Wells, Kent.

The consortium raised the money through a combination of equity and debt from Bank of Scotland Corporate. It will be used for the re-development of Maidstone and Tunbridge Wells NHS Trust hospital.

The existing hospital will be knocked down and replaced with a 700,000 sq ft hospital run by the trust on a 30-year concession. Development will begin in April 2008, following site improvements by Laing O’Rourke.