Acquisition

RNS Number : 2600W

Bilfinger Berger Gbl Infrstre SICAV

23 December 2013

 



23 December 2013

Bilfinger Berger Global Infrastructure SICAV S.A.

("BBGI" or the "Company")

BBGI announces the completion of the acquisition of interests in 3 PPP/ PFI Projects

Bilfinger Berger Global Infrastructure SICAV S.A. (ticker "BBGI") is pleased to announce that it has completed the following acquisitions pursuant to the Sale and Purchase Agreement with Bilfinger Group, as announced on 15 November 2013, and the Graham Acquisition Agreement, as announced on 04 December 2013:

·     58.8% equity interest in E18

·     24.5% equity and 40.0% loan note interest in Mersey Care Mental Health Hospital

·     100.0% equity and loan note interest in Tor Bank School

E18 project is a long term PPP concession contract to operate and maintain a new section of highway between Grimstad and Kristiansand in Norway. The 38km dual carriageway carves through a rugged and extremely beautiful landscape. The road opened in August 2009 and is part of the trunk road from Oslo to Kristiansand. It is a key element of the transport corridor between southern Norway and the Continent as well as an important connection between the two cities. The concession expires in 2034 and is availability-based with no volume risk.

Mersey Care Mental Health Hospital project is the eighth financial close in an existing LIFT project in the Liverpool & Sefton region in which BBGI already holds investment capital. The project consists of a new mental health in-patient facility on the former Walton hospital site in Liverpool, UK. The former Walton Hospital site will be transformed into a new mental health in-patient facility providing 85 single occupancy bedrooms with en-suite bathrooms to facilitate best practices in modern mental health care. Construction completion is expected in December 2014. The concession expires in 2044 and is availability-based with no volume risk.

Tor Bank School is a concession to develop, fund, build, operate and manage a new school for pupils with special education needs in Northern Ireland. The school was completed in October 2012 and is accommodating 164 pupils with severe learning difficulties in the 3-19 age range. The concession expires in 2037 and is availability-based with no volume risk.

The acquisitions were funded from the Company's existing cash resources following the recent £145 million capital raise which completed on 11 December 2013.

Duncan Ball, Co-CEO said:

"We are delighted to complete the transfer of these high quality PPP/PFI assets. This follows the recent announcements of the proposed acquisitions of 10 Pipeline Assets from Bilfinger on 15 November 2013, the announcement of the acquisition of the Graham interest on 04 December and the successful capital raise in December to finance the acquisitions."

Frank Schramm, Co-CEO said:

"The acquisitions are consistent with our strategy of focusing on high quality PPP/PFI assets with strong government counterparties. 2013 has been a very busy year for the company and we have grown the portfolio to 26 infrastructure assets and increased the market capitalization to over £500 million"

For further information please contact:

BBGI Management Team       [phone]

Duncan Ball      

Frank Schramm

Maitland                                    [phone]

Liz Morley

BBGI own a portfolio of 26 infrastructure assets. These projects are PPP / PFI assets and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.

Further information about BBGI is available on its website at www.bb-gi.com. 

Any reference to the Company or BBGI refers also to its subsidiaries (where applicable).

 

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