BBGI SICAV S.A. has signed and completed a sale and purchase agreement with Galliford Try Corporate Holdings Limited to acquire a further 30% equity interest in the Avon & Somerset Police HQ PPP Project in the UK.
The asset consists of four police buildings:
The concession term runs until March 2038. BBGI will receive availability payments during the concession period from the Avon & Somerset Police Authority.
The acquisition will be funded using the company's existing cash resources.
Frank Schramm, Co-CEO said:
"Having first invested in this high quality PPP project in 2014, we are delighted to secure this opportunity to further increase our stake. This acquisition was made on accretive terms and was concluded without engaging in an auction process."
Duncan Ball, Co-CEO said:
"This acquisition demonstrates our ability to efficiently add value by acquiring stakes in existing projects where our knowledge of the asset serves us well. BBGI will selectively pursue further growth opportunities in both new and existing assets."