BAM reaches Financial Close on Dendermonde Prison project in Belgium

18 February 2020 16:41 - BAM PPP bv
BAM reaches Financial Close on Dendermonde Prison project in Belgium

18 February 2020 - The contract for the design, build, finance and maintenance of the Dendermonde Prison project in Belgium reached Financial Close successfully on 18 February 2020. The Belgian Buildings Agency (Regie der Gebouwen / Régie des Bâtiments) and Federal Governmental Department of Justice (FOD Justitie / SPF Justice) awarded BAM PPP the contract for the provision of a prison in Dendermonde, which will house 444 inmates. The contract value of the project is €194 million. Dendermonde is situated between Antwerp and Ghent.

BAM PPP PGGM Coöperatie U.A. is 100 per cent shareholder and equity provider of Poort van Dendermonde nv. The design and construction will be executed by BAM Interbuild. BAM Facility Management will provide the maintenance for a period of 25 years and soft facilities services which will include laundry, waste treatment and catering services.

Senior debt will be provided by Belfius Bank SA/NV, AG Insurance NV/SA and Nationale-Nederlanden Levensverzekering Maatschappij NV. Coöperatieve Rabobank U.A provides the equity bridge facility.

Consultants involved include legal adviser Linklaters and BDO as tax advisor and model auditor. Allen & Overy (legal), Mott MacDonald (technical) and AON Global Risk Consulting (insurance) advised the lenders.

The construction work is due to start in August 2020 and is expected to be completed by October 2022.

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 49 projects, with a total capital value of over €12.1 billion.

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, 2019 PGGM had EUR 252 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.

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