BAM consortium reaches financial close on University Hospital Schleswig-Holstein, Germany
Bunnik, the Netherlands, 30 September 2014 - BAM PPP PGGM Infrastructure Coöperatie and its consortium partners VAMED and DIF have reached financial close on the University Hospital Schleswig-Holstein (UKSH) public-private partnership project in Germany.
BAM (50%) and VAMED (50%) are responsible for the planning, new construction and renovation of one of Europe’s largest centres for medical care at its locations in Kiel and Luebeck in Germany.
The total costs for construction and renovation amount to €520 million. 75% of the project finance debt will be provided by UKSH as milestone payments, the consortium partners and commercial funders will provide the remaining 25% of the debt as equity and long term funding. The long term debt from the commercial funders will be provided by EIB, DZ Bank, KfW, LBBW, SEB and SMBC.
Construction will commence early 2015 and reach completion in 2021. The operational phase will include hard facilities management and technical management services and will run until 2044.
BAM’s and VAMED’s financial and legal advisers are PwC.
About BAM PPP PGGM Infrastructure Coöperatie
The objective of the joint-venture is to provide a long-term partnership to invest in the developing social and transport PPP markets in the Netherlands, Belgium, the United Kingdom, Ireland, Germany and Switzerland.
BAM PPP is an operating company of Royal BAM Group, a worldwide construction services company generating revenues of approximately €7.4 billion and listed on NYSE Euronext Amsterdam. BAM PPP is responsible for Royal BAM Group’s involvement in the PPP market. Operating from offices in Bunnik, Birmingham, Brussels, Dublin, Frankfurt am Main and Glasgow, BAM PPP invests in and manages over 33 PPP projects and is active in the road, rail, education, healthcare, judicial and general accommodation sectors and is well positioned to access most Western European markets.
PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On September 1, 2014 PGGM has EUR 178 billion in assets under management. The PGGM cooperative has approximately 675,000 members and is helping them to realize a valuable future. Either alone or together with strategic partners, PGGM develops innovative future provisions by linking together pension, care, housing and work.
- BAM PPP: V. (Vicki) Harris, +44 (0) 141 779 8634;
- Royal BAM Group: press: A.C. (Arno) Pronk, +31 (0)30 659 86 21;
- Royal BAM Group: analysts: J. (Joost) van Galen, +31 (0)30 659 87 07.
- PGGM Corporate Communications: Maurice Wilbrink, +31 (0)30 277 1500. email@example.com