Completion of Acquisition

RNS Number : 8523B

Bilfinger Berger Gbl Infrstre SICAV

10 March 2014

 



10 March 2014

Bilfinger Berger Global Infrastructure SICAV S.A.

("BBGI" or the "Company")

BBGI announces the completion of the acquisition of an Australian PPP Project

Bilfinger Berger Global Infrastructure SICAV S.A. (ticker "BBGI") is pleased to announce that it has completed the acquisition of a 50% interest in the Northern Territories Secure Facility.

The Northern Territory Secure Facilities (NTSF) is a new 1,000 bed correctional facility, located on a greenfield site at Holtze, near Darwin, Australia. When complete, the facilities will allow Northern Territory Corrections to engage prisoners into structured daily programs in order to foster rehabilitation and stronger re-integration.

The concession term runs until June 2044. BBGI will receive availability payments during the concession period from the Northern Territory government which is rated Aa1 by Moody's Investor Services.

The construction work relating to the project is being undertaken by a joint venture between Baulderstone Pty (now Lend Lease) and Sitzler Pty Ltd. Construction obligations are designed to be passed down to the joint venture through a fixed price, date-certain, design and build contract. Honeywell Limited will be responsible for the facility management and the Northern Territory government will provide custodial services. The project is expected to become operational in H2 2014.

NTSF was a pipeline asset in the recent £145 million capital raise which completed on 11 December 2013 and the acquisition was funded from the Company's existing cash resources.

Duncan Ball, Co-CEO said:

"We are delighted to expand our PPP portfolio in Australia where we already have two other assets. NTSF will become operational later this year and is being constructed by a very experienced construction joint venture. We are looking forward to working with stakeholders to ensure that this important project transitions smoothly from construction to the operational stage."

Frank Schramm, Co-CEO said:

"The acquisition is consistent with our strategy of focusing on high quality PPP/PFI assets with strong government counterparties. As the project is being acquired in the final construction phase, we are anticipating some capital growth once the final stages of construction are completed later this year."

For further information please contact:

BBGI Management Team       [phone]

Duncan Ball      

Frank Schramm

Maitland                                    [phone]

Liz Morley

BBGI own a portfolio of 28 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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