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BBGI Global Infrast. (BBGI)

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Friday 30 April, 2021

BBGI Global Infrast.

Acquisition of UK social infrastructure investment

RNS Number : 1459X
BBGI Global Infrastructure S.A.
30 April 2021
 

30 April 2021

BBGI Global Infrastructure S.A.

("BBGI" or the "Company")

Completion of a social infrastructure investment in London, UK

BBGI Global Infrastructure S.A. (LSE ticker: BBGI), the global infrastructure investment company, has completed the acquisition of a 100% interest in a social infrastructure investment consisting of two recreation facilities and 100 affordable residential units across two sites in the London Borough of Tower Hamlets, UK.

 

The public-private partnership project originally consisted of the design, construction, financing, operation, maintenance and rehabilitation of separate buildings: the major regeneration and refurbishment of the derelict Poplar Baths building into a modern first-class community leisure centre and the construction of the Haileybury Community Centre, Randall House (60 affordable residential units), Dame Colet Court (25 affordable residential units) and Baltonsborough Court (15 affordable residential units).

 

Construction was completed in 2016 and the concession runs until 2051. The asset is classified as availability-based under the investment policy of the Company. Availability payments are received from the London Borough of Tower Hamlets.

 

The historic Poplar Baths building, on East India Dock Road in London, was first redeveloped and opened in 1934 and remained a much-loved local landmark until its closure in 1988. The refurbished and restored facility now includes a 25m swimming pool, a learner pool, 'vapour baths', a Sports England standard sports hall, two studios for exercise classes, a gym and a rooftop multi use games area, whilst the historic features of this Grade II listed building have been protected and restored.

 

The Haileybury Community Centre, now a focal point for the local community, consists of a sports hall, a public viewing gallery, fitness & dance studio, rooms for art, IT, music and meetings, and a commercial grade kitchen to support 'food tech' training. It also features a new rooftop with a state-of-the-art multi-use games area and a new multi-purpose rooftop pitch.

 

The residential housing units were designed and built in compliance with best practices to ensure excellence in design quality, amenities and sustainability, including the Code for Sustainable Homes Level 4, the London Housing Design Guide, Lifetime Homes and Secure by Design.

 

London Borough of Tower Hamlets is responsible for the operation of the leisure centre and the affordable housing units. BBGI is not responsible for letting risk or responsibilities within the residential units or the community centre.

 

As per the arrangements between the parties, the specific purchase price is confidential but is between GBP 20 million and GBP 30 million. The consideration for the interest acquired has been funded from drawing upon the Company's corporate revolving credit facility.

 

Following this acquisition, BBGI now owns a globally diversified portfolio of 51 infrastructure investments in the transport, healthcare, education, blue   light and other services sectors which are geographically located in Australia, Canada, Continental Europe, the UK and the US. The Company seeks to limit and reduce investment risk where possible, with the current portfolio benefitting from 100% availability-based assets of which 99% are operational. The Company also maintains a diversified supply chain in regard to facilities management and operational and maintenance ("O&M") contractors.

 

Commenting, Co-CEOs Duncan Ball and Frank Schramm said:

"We are delighted to complete this high-quality availability-based social infrastructure investment with strong ESG credentials. Our strategy is to remain disciplined and selective in our approach to acquisition opportunities by only investing in availability-based assets that also align with our ESG principles, and not in higher risk infrastructure asset classes."

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

BBGI Management Team

+352 263 479-1

Duncan Ball


Frank Schramm




Maitland/AMO (Communications adviser)

+44(0) 20 7379 5151

James Benjamin / Jason Ochere / Rhys Jones

[email protected]

 

NOTES

BBGI Global Infrastructure (BBGI) is a responsible infrastructure investment company and a constituent of the FTSE 250 that invests in and actively manages for the long-term a globally diversified, low-risk portfolio of essential social infrastructure investments.

 

BBGI is committed to delivering stable and predictable cash flows with progressive long-term dividend growth and attractive, sustainable, returns for shareholders. BBGI has a proactive approach to preserving and enhancing the value of its investments, and to delivering well maintained social infrastructure for communities and end users, whilst serving society by supporting local communities.

 

All of BBGI's investments are availability-based and supported by secure public sector-backed contracted revenues, with inflation-protection characteristics, that is paid so long as the assets are available for use.

BBGI's investment portfolio is over 99% operational with all its investments located across highly rated investment grade countries with stable, well developed operating environments.

 

BBGI's in-house management team is incentivised by shareholder returns and consistently maintains low comparative ongoing charges to shareholders.

 

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

 

The Company's LEI: 529900CV0RWCOP5YHK95

 

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

 

* Neither the Company's website nor the content of any website accessible from hyperlinks on its website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

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