An acute and community trust has entered into a 15 year estates partnership with a property company in a deal worth tens of millions of pounds.

Torbay and South Devon Foundation Trust will set up a joint venture with Health Innovation Partners, which is owned by Arcadis and Morgan Sindall Investments, to “access additional expertise and resource”.

Design, construction and consulting firm Arcadis has offices in 40 countries, while Morgan Sindall Investments is a UK construction and regeneration company.

The trust launched a procurement for a “strategic estates partnership” last December.

Its tender was initially valued at £100m, though the length of the contract was 25 years when the tender documents were published.

Initially the partnership will prioritise developing new health and wellbeing centres in Dartmouth and Teignmouth, and a redevelopment of the trust’s emergency department at Torbay Hospital.

Lesley Darke, the trust’s estates director, said the joint venture would secure “access to additional expertise and resource, so that we can forge ahead with bringing our estate up to date”.

Peter Cox, head of strategic health partnerships at Morgan Sindall Investments, said: “Flexible long term partnerships of this nature are an excellent vehicle for NHS trusts to unlock value and deliver long term efficiencies.”

In January this year, HSJ reported there were six strategic estates partnerships in the NHS.

A national initiative to set up “regional health infrastructure teams” to help the NHS develop its estate is yet to be approved.