BBGI announces the completion of the acquisition of two Canadian PPP projects

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BBGI announces the completion of the acquisition of two Canadian PPP projects Bilfinger Berger Global Infrastructure SICAV S.A. has completed the acquisition of the remaining 50% equity and loan note interest in Golden Ears Bridge, and 100% equity and loan note interest in Women's College Hospital. The transaction is part  of the proposed acquisitions of 10 Pipeline Assets announced on 15 November 2013.The two Canadian PPP projects are:
  • Golden Ears Bridge project is a long term PPP concession contract to operate and maintain the Golden Ears Bridge near Vancouver, British Columbia, Canada. The project opened to the public in June 2009. The bridge itself is a 1 km, six-lane road that spans the Fraser River. The rest of the scheme consists of more than 3.5 km of structures including ramps, viaducts, minor bridges and underpasses and more than 13 km of mainline roadway. The concession expires in 2038 and is availability-based with no volume risk.
  • Women's College Hospital Project is a long term PPP concession contract to design, build, finance and operate the new Women's College Hospital in Toronto, Ontario, Canada.This involves the construction of a new 630,000 square foot hospital on the current Grenville Street site. The project is being delivered in two phases. The first phase became operational in May 2013 and partial payments from the health authority started at that time. Full operations are expected March 2016.The concession expires in 2043 and is availability-based with no volume risk.

The acquisitions were funded from the company's existing cash resources following the recent £145 million capital raise which completed on 11 December 2013.

Frank Schramm, Co-CEO, stated:

We are delighted to complete the transfer of these two high quality PPP/PFI assets. This follows the recent announcements of the proposed acquisitions of 10 Pipeline Assets on 15 November 2013 and the successful capital raise in December to finance the acquisitions.

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