Construction and development company Skanska has signed a contract with Great Ormond Street Hospital to build a new research facility in London, UK.

The cost of building the new facility, Zayed Centre for Research into Rare Diseases in Children will be around £60m.

This amount will be included in the order bookings for Skanska UK in 2016 Q2.

Construction of the new facility is the third phase of redevelopment of the hospital. It will enable the hospital to treat and cure children who are suffering from rare diseases.

Under the contract, Skanska holds the responsibility to design, construct, and complete the mechanical and electrical fit-out of the facility.

The new healthcare unit will operate as a partnership between Great Ormond Street Hospital for Children NHS Foundation Trust, University College London and Great Ormond Street Hospital Children’s Charity.

Skanska received the contract on the basis of its association with Great Ormond Street Hospital while working on the Premier Inn Clinical Building, the second phase of the redevelopment.

Construction is scheduled to begin in January 2017 and expected to get completed by 2018.

Involved in civil construction and commercial development, Skanska UK generated a revenue of approximately SEK18bn (£1.57bn) in 2015. It employs around 5,500 people.

Globally, Skanska has more than 43,100 employees and generated revenues of around SEK155bn (£13.53bn).