Bilfinger Berger Infra fund acquires stakes in four German PPP projects
Related M&A Transactions
Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI), the listed global infrastructure investment company, has announced 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.
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 £11.4 million which is in line with the current valuations in the portfolio. The acquisition will be funded from BBGI'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.
In July 2013, BBGI raised £70 million to acquire new assets and pay back a revolving facility. A couple of weeks ago, the listed fund also announced the acquisition of its first Canadian projects.Source: BBGI