Integrated Team Solutions PCH Partnership (ITS PCH) entered into a project agreement (PA) with Providence Care Hospital (PCH) to design, build, finance, and maintain a new 270-bed, 619,110-square-foot mental health hospital in Kingston, Ont. The hospital, constructed by EllisDon Design Build Inc. (EllisDon), is on a 30-acre greenfield site adjacent to one of PCH's facilities. The project achieved substantial completion on Nov. 30, 2016, and subsequently began its 30-year operating period. ITS PCH has fully passed down its facility management (FM) and lifecycle obligations to Johnson Controls Canada L.P. (JCLP) under a fixed-price service agreement. ITS PCH is owned by Fengate Capital Management (75%) and EllisDon Capital (25%). Because our analysis completely relies on PCH's ability to make payments, we
