BAM PPP reaches Financial Close on Bremervoerde Prison in Germany
20 October 2010 - The State of Lower Saxony represented by the Ministry of Justice and BAM PPP, together with Royal BAM Group companies BAM Deutschland and Müller-Altvatter Gebäudemanagement, have signed the contracts for the States first PPP project to design, build, finance, maintain and operate the €50.5 million prison project in the City of Bremervoerde.
The bank debt will be provided by a consortium consisting of DZ BANK, DekaBank, NIBC Bank and Volksbank Osterholz-Scharmbeck.
The scope of the project comprises the design and build of a new 300 inhabitants' prison. Non-custodial services include all hard and soft FM, administration support, catering, provision of education and training services, social and health care services, perimeter security services and provision of workplaces for 135 prisoners.
Works are due to begin end of 2010 and will be completed end of 2012 followed by a concession period of 25 years.
BAM PPP invests in and manages PPP projects on behalf of Royal BAM Group. BAM PPP has 23 projects in its portfolio. BAM PPP is active in Germany, the Netherlands, Belgium, UK, Ireland and Switzerland in the Education, Health, Law and Order, Road and Rail PPP Sectors. BAM Deutschland is a leading construction services organisation with a turnover in excess of €500 million. BAM operates throughout Germany from regional offices in Stuttgart, Berlin, Dresden, Düsseldorf, Frankfurt am Main, Göttingen, Munich and Nurnberg. BAM PPP, BAM Deutschland and Müller-Altvatter Gebäudemanagement are wholly owned subsidiaries of Royal BAM Group.