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19 Nov 2012 07:00
19 November 2012
BILFINGER BERGER GLOBAL INFRASTRUCTURE SICAV S.A.
Acquisition of an Investment in the Barking & Havering Local Improvement Finance Trust (LIFT) Project for £5.8m
Bilfinger Berger Global Infrastructure SICAV S.A. ('BBGI' or the 'Company')*, the listed global infrastructure investment company, is pleased to announce that the Company has acquired a 60% equity and loan note interest in the Barking & Havering Local Improvement Finance Trust project (the "LIFT Project") through the acquisition of Primaria (Barking & Havering) Limited, from joint sellers Barclays European Infrastructure Fund II Limited Partnership and Miller (Barking & Havering) Limited.
The LIFT Project comprises 10 buildings for the provision of strategic accommodation for primary and community based health and social care in the London Boroughs of Barking & Dagenham and Havering. The buildings were built by Miller Construction for a total capital cost of £54m and were completed between 2005 and 2009. Hard facilities management services are undertaken by the Miller Services Business, Asset 24.
The LIFT Project has the concession to continue to provide primary and community care facilities in the region which extends until 2033. BBGI looks forward to working with the public-sector shareholder of the LIFT Project, to continue to provide improved health and social care facilities within the Barking, Dagenham and Havering areas.
The total consideration paid by BBGI is £5.8m, which is in line with the current valuations of similar UK PFI projects in BBGI's portfolio. The acquisition was funded from the Company`s existing cash and debt resources.
*Any reference to the Company or BBGI refers also to its subsidiaries (where applicable).
Enquiries
For further information please contact:
BBGI Management Team +352 2634791
Frank Schramm
Duncan Ball
Maitland +44 (0)20 7379 5151
Liz Morley
Andrea Coleman
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