BAM PPP has announced it has refinanced two PPP projects in Belgium: a prison in East Flanders and a student housing project in Gent.

First, BAM PPP PGGM Infrastructure Coöperatie has refinanced the Beveren Prison project. The project originally reached financial close in 2011 with ABN AMRO Bank, Belfius Bank and KBC providing a 25 year project loan.

Two of the existing lenders, Belfius Bank and KBC have restated and amended the existing loan for an amount of approximately €90 million (US$94 million) with both improved margins and terms.

BAM PPP also successfully refinanced the second project, the Kantienberg student homes. The project originally reached financial close in 2009 with Bank Nederlandse Gemeenten and NIBC Bank providing a 33 year project loan.

Belfius Bank has provided a new project loan of approximately €18 million (US$19 million), replacing the original soft mini perm financing structure, with both improved margins and terms.

These refinancing transactions reflect the investment strategies of both BAM PPP and the joint venture with PGGM to add value to the current investment portfolio.

The legal advisors to the sponsors were Linklaters with the financial advisory services provided by BAM PPP.