North Island Hospitals

Location: Campbell River & Courtenay, British Columbia


As part of the largest single healthcare project in British Columbia to date, Graham was part of Tandem Health Partners to design, build, finance and maintain two new state-of-the-art hospital campuses – the Campbell River and the Comox Valley Hospitals (North Island Hospitals). The goal of the North Island Hospitals Project was to provide modern, effective, and appropriate inpatient and outpatient services to the communities of the North Island.

The Campbell River and District Hospital (CRDH) consists of a new 348,000 sq. ft. acute care facility encompassing: 95 patient beds, emergency department, diagnostic imaging, surgical and endoscopy services, ambulatory care program, maternity, cardiopulmonary diagnostic services, support services, and a mixture of structured and surface parking.

The Comox Valley Hospital (CVH) consists of a new 428,700 sq. ft. acute care facility encompassing: 153 patient beds, an adult and adolescent psychiatric unit, emergency care, diagnostic imaging, surgical and endoscopy services, support services, maternity, ambulatory care programs, cardiopulmonary diagnostic services, a clinical support building, University of British Columbia teaching facility, and a mixture of structure and surface parking.

Both hospitals are LEED Gold certified.


Graham Capital was the Finance Lead for the project and a 50% Equity Partner. The financing involved the development of an innovative liquid security component—the liquidity reserve account—which took the place of a portion of the standard contract or letter of credit. This structure dramatically decreased the project’s capital cost and provided the best value for money to the Authority. The broadly marketed bond offering was well oversubscribed and achieved what was, at the time, the lowest credit spread of any new long-term Canadian P3 bond since the 2008 financial crisis and was the first green bond P3 financing in Canada. The type of financing used for this project was a combination of long-term debt and equity financing combined with the authority’s funding.

Contract Value

$606.2 million
Comox Valley = $331.7 million
Campbell River = $274.5 million

Prime Consultant


Project Owner

Vancouver Island Health Authority

Contract Format


Completion Date

April 2017

Contract Duration

34 months