BBGI Global Infrastructure (BBGI) has announced that, further to its announcement of 17 November 2020, it has now completed its acquisition of a 25% equity interest in Signature on the Saint-Lawrence Group, the operator of the Samuel De Champlain Bridge Corridor in Montreal, Quebec, Canada. Completion of the Acquisition follows the Government of Canada’s consent and the satisfaction of certain conditions precedent. The acquisition has been funded using the proceeds of BBGI’s recent equity fundraising (as announced the Company on 20 November 2020, the placing was oversubscribed and raised gross proceeds of £55 million).
About Signature on the Saint-Lawrence/ the Samuel De Champlain Bridge Corridor
The award-winning Samuel De Champlain Bridge Corridor serves as a link between Montreal and the south shore communities. It also serves as Eastern Canada’s gateway to US trade corridors, improving travel efficiency and safety, whilst creating local jobs. Locally, more than 11 million public-transit users, pedestrians and cyclists use the corridor to cross the St. Lawrence River each year. The bridge opened to traffic in summer 2019 and the concession runs until 2049.
The Government of Canada is the owner of the Samuel De Champlain Bridge Corridor. Through a public-private partnership between the Government of Canada and Signature on the Saint-Lawrence, the project originally consisted of the design, construction, financing, operation, maintenance and rehabilitation of a new bridge spanning the St. Lawrence River between Montreal and Brossard, Quebec. The asset is classified as availability-based under the investment policy of the Company. Availability payments are received from the Government of Canada, which is rated AAA by both Moody’s and S&P credit rating agencies.
Following this Acquisition, BBGI now owns a globally diversified portfolio of 50 infrastructure investments in the transport, healthcare, education, justice and other services sectors which are geographically located in Australia, Canada, Continental Europe, the UK and the US. The Company seeks to limit and reduce investment risk where possible, with the current portfolio benefitting from 100 per cent availability-based assets of which more than 99% are operational. The Company also maintains a diversified supply chain in regards to facilities management and operational and maintenance (“O&M”) contractors.
Comments from, Co-CEOs Duncan Ball and Frank Schramm
“We are delighted to complete this high-quality investment into Signature on the Saint-Lawrence Group. Our strategy is to remain disciplined and selective in our approach to acquisition opportunities by only investing in availability-based assets and not in higher risk infrastructure asset classes.