Financial close reached for Dutch government building PPP project

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Financial close reached for Dutch government building PPP project

The Dutch Central Government Real Estate Agency and the Strukton - Hurks - Heijmans consortium have achieved financial close for the Dutch social PPP project "Nieuwe Huisvesting RIVM en CBG" in Utrecht, Netherlands.

Senior debt to the project is being provided by BNG Bank, DekaBank Deutsche Girozentrale and AG Insurance SA/NV. Equity will be provided by Strukton Assets B.V., Hurks participatie I B.V. and Heijmans Capital.

The contract has a net present value of nearly €267 million (US$361 million). 

The project includes two flexible, sustainable and energy efficient buildings: the National Institute for Public Health and the Environment (RIVM) and the Dutch Medicines Evaluation Board (MEB). Both institutes are part of the Ministry of Health. It is expected to be operational by autumn 2018.

The project will be developed on a design, build, finance, operation and maintenance (DBFOM) basis for a period of  25 years.

The winning consortium is formed by Strukton, which has operations in the rail systems, civil infrastructure and technology and buildings markets, Hurks, which develops, builds and maintains buildings and Heijmans a listed company that combines operations in property development, residential building, non-residential building, installation engineering and infrastructure. Strukton and Heijmans both have a 37.5% share in the project, while Hurks has a 25% share.

The design was developed in collaboration with Felix Claus Dick van Wageningen Architecten, H+N+S Landschapsarchitecten, Deerns and YASK.

The new facility, which will be the first Ducth PPP project to develop a government building that includes laboratories, will be located at the site of the current Wentgebouw in the Utrecht Science Park in Utrecht.

Rebel Group acted as the financial adviser to the StruktonHurksHeijmans consortium. Allen & Overy served as legal advisors to the consortium. Insurance advice was provided by AON Risk Services, and tax & accounting advice was provided by Mazars. The lenders were supported by Norton Rose Fulbright (legal), Turner & Townsend (technical), Marsh (insurance) and Mazars (model audit).

Financial consultancy services for the Central Government Real Estate Agency were handled by PWC Advisory and J.C. Rathbone.

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