Kajima Partnerships, a leading public sector developer and PFI provider, announced today that it has sold a 50% stake in its Newcastle Libraries project to HSBC Infrastructure Company Ltd, the listed infrastructure investment company.  Kajima will retain a 50% interest and will continue as project manager.  Kajima and HSBC already own six other PFI projects on a 50:50 joint venture basis, to which this will be added.

The project includes the High Heaton Community Library and the City Library.  Built on the site of the former library, the new City Library opened to the public in June 2009.  Planned to store and provide access to nearly a million books and other archive items, it also includes a 180-seat performance space, displays of local heritage treasures, a crèche, a café, an internet information hub and meeting rooms for community groups.  Both libraries have been warmly welcomed by staff and local people and have recorded record visitor numbers.

Julian Rudd-Jones, Managing Director of Kajima Partnerships, said "We are delighted to be extending our investment partnership with HSBC.  This transaction enables us to free up capital for further projects whilst remaining fully involved with these excellent public facilities, of which we are very proud."