BBGI SICAV (BBGI) has announced that it has completed the acquisition of significant equity interests in three PPP transportation and social infrastructure projects in the Netherlands, via a partnership with VolkerWessels, and additional interests in two LIFT projects in the UK from GB Partnerships Investments Limited. It says that all five of these assets are operational and classified as availability-based, under its investment policy. The consideration payable by BBGI, for the five project interests, is approximately £29.1m. BBGI says that this will be funded from its existing cash resources and drawings under its extended credit facility. Duncan Ball, Co-CEO, says, “These transactions are being made on accretive terms. All of the investments in our portfolio remain low risk, availability-based projects and these transactions follow our purist approach to investing in availability-based projects.”
The three new PPP projects
The A1/A6 project is a PPP road project. It is part of the Schiphol-Amsterdam-Almere (SAA) expansion involving the reconstruction and widening of an 18 km motorway that includes reversible lanes. The project became operational in 2017 and the concession runs until 2042.
The N18 project is a PPP road project between Varsseveld and Enschede. It comprises 15 km of existing 2×2-lane motorway and 27 km of new 2×2-lane motorway. The project became operational in 2018 and the concession runs until 2043.
The Westland Town Hall is a PPP accommodation project consisting of a new, approximately 11,000 metres squared, town hall for the municipality of Westland. The project became operational in 2017 and the concession runs until 2042.
Increased interests in existing LIFT projects
BBGI has acquired a further 6.67% equity interest in North London Estates Partnerships LIFT Project and Liverpool and Sefton Health Partnership LIFT Project. As a result, it now owns 60% of the equity interests in both projects.
The two LIFT projects consist of 21 primary health care facilities and local community hospitals in North London and Liverpool, mainly in areas in need of regeneration. The projects provide high quality environments for the delivery of a broad range of primary healthcare services such as GP, dental and outpatient services, as well as providing space for wider community engagement and events.
About BBGI SICAV
BBGI SICAV SCA is a closed-ended investment company incorporated in Luxembourg, listed on the main market of the London Stock Exchange. BBGI has a portfolio consisting of PFI/PPP assets diversified by geography and sector across availability-based road projects and a range of social infrastructure projects. The projects are located in the UK, continental Europe, Canada and Australia. BBGI changed its name from Bilfinger Berger Global Infrastructure on 1 May 2014.
BBGI says that, as at 12 December 2018, it owns a global portfolio of 48 infrastructure assets. These are PPP assets and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics. Further information about BBGI is available on its website at www.bb-gi.com