Agreement on additional costs and adjusted schedule for new NATO headquarters project

5 December 2014 07:50 - Royal BAM Group nv

Bunnik, the Netherlands, 5 December 2014 - BAM Alliance – the BAM consortium building NATO's new headquarters in Brussels – and the Belgian Ministry of Defence have reached an agreement on the claim for additional costs and the new time frame, submitted end 2013. The agreement provides for an additional payment of €85 million to BAM Alliance and building partners as compensation for additional works and services and foresees completion of the works in summer 2016.

This amount has no effect on BAM’s previously published profit outlook for 2014, as it relates in part to expenses of non-BAM companies (building partners) and in part to (future) additional measures. The part which relates to BAM for 2014 is in line with the earlier forecast.

BAM Alliance started the construction of the new NATO headquarters opposite its current headquarters in October 2010. The original contract value was approximately €460 million.

BAM is satisfied that this agreement provides a good basis to complete the project within the newly agreed term (mid-2016) and budget.

Further information

  • press: Arno C. Pronk, +31 (0)30 659 86 21;
  • analysts: Joost van Galen, RA, +31 (0)30 659 87 07.