Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) has announced the completion of the acquisition of the M1 Westlink PPP project in Belfast, UK.
BBGI has acquired the remaining 25% of the equity and subordinated debt. The acquisition was funded from the company's existing cash resources following the £145 million capital raise which completed on 11 December 2013.
In last- December 2013 we published that BBGI announced that it had signed an agreement with Graham Investment Projects Limited to acquire additional equity and subordinated debt interests in the DBFO-1 Road Service (M1 Westlink) in Northern Ireland.
M1 Westlink is a long term concession to design, upgrade, finance and operate the M1 Westlink road scheme. The project commenced in April 2006 and required a significant amount of construction work to upgrade key sections of the existing road network. This consisted of approximately 60km of motorway and a short section of linking dual carriageway through the heart of Belfast. The project was completed approximately six months ahead of schedule in November 2009. The concession expires in 2036 and is availability-based with no volume risk.
BBGI own a portfolio of 35 infrastructure assets. These projects are PPP / PFI assets and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.