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28 Aug 2013 07:00
28 August 2013
BILFINGER BERGER GLOBAL INFRASTRUCTURE SICAV S.A.
Acquisition of Four Projects in Germany from Hochtief for £11.4m
Bilfinger Berger Global Infrastructure SICAV S.A. ('BBGI' or the 'Company')*, the listed global infrastructure investment company, is pleased to announce that it has signed an agreement to acquire a 50% equity and loan note interest in four operational PPP Projects in Germany from Hochtief PPP Solutions GmbH which currently holds 100% of the interest.
Frankfurt Schools project is a 22 year concession to design, build/refurbish and maintain four schools in the City of Frankfurt am Main with the concession expiring in July 2029.
Cologne Schools project is a 25 year concession to design, build and maintain seven schools at five locations in the City of Cologne with the concession expiring in December 2029.
Cologne-Rodenkirchen Comprehensive School consists of a comprehensive school serving 1,200 students. The project is a 25 year concession which expires in November 2034.
Fürst Wrede Military Base Munich consists of various accommodation, office and training buildings, vehicle depots and gymnasiums in the Munich region. The project is a 20 year concession which expires in March 2028.
All of the projects are availability-based with no volume risk.
The total consideration paid by BBGI is €13.2 million or approximately £11.4m which is in line with the current valuations in the portfolio. The acquisition will be funded from the Company`s existing cash and debt resources. The acquisition is conditional on, inter alia, third party consents and is expected to be completed by year end.
These projects are all operational and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.
*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
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