Pulse Consortium reaches financial close on the Cross River Rail tunnel, stations and development PPP project in Brisbane, Australia

2 July 2019 13:22 - BAM International bv / BAM PPP bv
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Bunnik, the Netherlands, 2 July 2019 – BAM PPP PGGM - together with the Pulse consortium members, Pacific Partnerships, DIF and Ghella Investments and Partnerships - have reached financial close with the State of Queensland to deliver the Tunnel, Stations and Development (TSD) package of Brisbane’s Cross River Rail Project.

The Cross River Rail project, South East Queensland’s largest ever infrastructure project, includes design and construction of a new 10.2 km rail line from Dutton Park to Bowen Hills including 5.9 km twin tunnels under the Brisbane River and the Central Business District (CBD). The State Government is providing a $5.4 billion capital contribution (approximately €3.4 billion) for the Project’s construction.

BAM International, together with sister companies BAM Nuttall and Wayss & Freytag Ingenieurbau, will deliver the design and construction in a joint venture with CPB Contractors, Ghella Pty Ltd, and UGL. UGL will provide the ongoing maintenance services. Construction is expected to commence later this year. BAM’s revenue is approximately € 100 million per year for an expected contract period of five years.

The Pulse consortium sponsors and equity providers are BAM PPP PGGM (15%), Pacific Partnerships (49%), DIF (26%) and Ghella Investments and Partnerships (10%).

By delivering a second river crossing as well as four new underground stations, the Cross River Rail project unlocks an existing bottleneck on the rail network, allowing more trains to run more often and enabling a turn-up-and-go public transport system across the entire region. By integrating with roads and bus services the project enables an easily accessible transport system for the whole of South East Queensland.


BAM PPP is responsible for Royal BAM Group’s involvement in public private partnership (PPP) projects. BAM PPP operates in five key European markets, the Netherlands, Belgium, UK, Ireland, Germany and in selected International markets, in addition to exploring broader project finance investment opportunities. BAM PPP’s sector expertise includes roads, rail, education, health, justice, marine and general accommodation. BAM PPP has reached financial close on 46 projects, with a total capital value of over €8.6 billion. BAM PPP is an operating company of Royal BAM Group, a worldwide construction services company listed at Euronext Amsterdam.


PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On December 31, 2018 PGGM had EUR 211 billion in assets under management and was administrating pensions of 4.4 million participants. Around 750,000 workers in the Dutch healthcare are connected to PGGM&CO, our members organization. Either alone or together with strategic partners, PGGM develops future solutions by linking together pension, care, housing and work.

BAM International

BAM International deploys the contracting activities of Royal BAM Group outside Europe, delivering major infrastructural projects including tunnelling and all associated civil works, providing the entire functional environment, worldwide. BAM International has gained broad international experience and know-how in the fields of marine work, general building, infrastructure and industrial projects. Projects cover the full range of services for all different types of tunnels (transportation, logistics, water and sewage, utilities). The company has over 50 years of experience of successfully completing projects in Australia. BAM International brings in the extensive tunnelling expertise of its sister companies BAM Nuttall and Wayss & Freytag Ingenieurbau. Their experience include tunnelling and underground stations in urban environments and they have a solid reputation for bored tunnels and complex civil engineering projects.

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