Sign In
19 Aug 2020 07:00
19 August 2020
BBGI SICAV S.A.
(the "Company")
Acquisition of a further interest in Kelowna and Vernon Hospitals in Canada
BBGI SICAV S.A. (LSE ticker: BBGI), the global infrastructure investment company, is pleased to announce that it has completed the acquisition of a further 50% equity interest in the Kelowna and Vernon Hospitals PPP Project ("KVH").
KVH consists of a Patient Care Tower, University of British Columbia Clinical Academic Campus and car park, and a Clinical Laboratory Support Building at Kelowna Hospital, and a Patient Care Tower at Vernon Jubilee Hospital totalling approximately 70,000 square meters of space.
The asset revenues are availability-based in accordance with the investment policy of the Company. The concession runs until 2042 and availability payments are received from the Interior Health Authority, which is funded by the Province of British Columbia which is rated Aaa by Moody's and AAA by S&P. BBGI's equity interest in the project is now 100%.
The contractual arrangements between the parties require that the exact purchase price be held confidential but can be confirmed to be less than GBP 15 million.
Duncan Ball, Co-CEO said: "Having first acquired an interest in these important healthcare facilities in 2013, we are delighted to be able to further increase our equity interest via a follow-on investment. This acquisition was made on accretive terms and concluded without engaging in an auction process."
The cash consideration for KVH was funded from the Company's existing cash resources and debt facilities.
Frank Schramm, Co-CEO said: "We are very pleased to continue to invest and support this important health care infrastructure project which provides vital services to the communities in the Interior of British Columbia."
For further information, please contact:
BBGI Management Team +352 263 479-1
Duncan Ball
Frank Schramm
BBGI is a FTSE 250 company and owns a diversified global portfolio of 49 infrastructure assets spread across seven AAA/AA rated countries. All these projects are availability-based 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*.
The Company's LEI is 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.
Follow the stocks
