Bilfinger Berger Global Infrastructure (BBGI) SICAV S.A. has completed the acquisition of a further 12.5% of the equity and 10% of the sub-debt interest in the Mersey Care Mental Health Hospital project in UK from GB Partnerships Investments Limited.
BBGI now owns 76.2% of the equity and 80.0% of the sub-debt in the Mersey Care project.
Mersey Care Mental Health Hospital project is the eighth financial close in an existing LIFT project in the Liverpool & Sefton region in which BBGI already holds investment capital.
The project consists of a new mental health in-patient facility on the former Walton hospital site in Liverpool, UK. The former Walton Hospital site is being transformed into a new mental health in-patient facility providing 85 single occupancy bedrooms with en-suite bathrooms to facilitate best practices in modern mental health care.
Construction completion is expected in December 2014. The concession expires in 2044 and is availability-based with no volume risk.
Frank Schramm, BBGI Co-CEO said:
Having first invested in this high quality PPP/PFI project in 2013, we are delighted to secure this opportunity to further increase our stake. This small acquisition was made on accretive terms and was concluded without engaging in an auction process.
Duncan Ball, BBGI 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.
The acquisition was funded from the company's existing cash resources.