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Acquisition

9 Jun 2015 07:00

RNS Number : 5658P
BBGI SICAV S.A.
09 June 2015
 



9 June 2015

 

BBGI SICAV S.A.

(the "Company")

 

Acquisition of further interest in

Northern Territory Secure Facilities PPP Project in Australia

 

BBGI SICAV S.A. (LSE ticker: BBGI) is pleased to announce that it has entered into a Share and Unit Sale Agreement with Commonwealth Investments Pty Limited to acquire the remaining 50% equity interest in the Northern Territory Secure Facilities PPP Project ("NTSF") in Australia. Upon completion, BBGI will own 100% of the equity interest in NTSF.

 

The Share and Unit Sale Agreement is conditional on the receipt of third party consents and regulatory clearance by the Australian Foreign Investment Review Board. The acquisition is expected to complete once all such consents and clearances have been obtained.

 

The Northern Territory Secure Facilities is a new 1,000 bed correctional facility, located on a greenfield site at Holtze, near Darwin, Australia. NTSF became operational in 2014 and allows 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.

Duncan Ball, Co-CEO said:

"We are very pleased to increase our stake in this high quality PPP/PFI project. This acquisition was concluded without engaging in an auction process."

 

Frank Schramm, Co-CEO said:

"This acquisition demonstrates our ability to efficiently add value by acquiring stakes in existing projects where our existing knowledge of the asset serves us well. BBGI will selectively pursue further growth opportunities in both new and existing assets."

 

The acquisition will be funded using the Company's credit facility.

 

 

For further information, please contact:

 

BBGI Management Team +352 263 479-1

Frank Schramm

Duncan Ball

 

Maitland +44 (0) 20 7379 5151

Liz Morley

 

 

BBGI owns a global portfolio of 36 infrastructure assets. These are PPP 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).

 

*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.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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