German engineering and services group Bilfinger has successfully sold, on 9 April 2014, all of the shares it had held in the listed infrastructure fund BBGI within the scope of an institutional placement.
Net proceeds from the sale of the 8.74 % stake amount to approximately €50 million (US$69 million), the capital gain from the deal amount to approximately €5 million.
BBGI has a portfolio consisting of 20 PFI/PPP assets diversified by geography and sector across availability-based road projects and a range of social infrastructure projects in the UK, continental Europe, Canada and Australia. BBGI's investment policy is to invest in infrastructure projects that have predominantly been developed under the PFI/PPP or similar procurement models. The investment in projects under construction will be limited to 25%.
Bilfinger is a Deutsche Börse MDAX index traded, international construction and services company that operates in real estate, infrastructure and industrial services. The services offered range from consulting, development, planning, financing and turnkey construction through to maintenance and operation. Bilfinger holds the eighth place in the European ranking of construction companies.