BAM and PGGM reach financial close roads PPP contract with National Roads Authority in Ireland
Bunnik, the Netherlands, 1 May 2013 - BAM PPP PGGM Infrastructure Coöperatie, the investment joint venture between BAM and Dutch pension fund service provider PGGM, together with BAM Contractors has reached financial close for a roads public private partnership (PPP) contract with the National Roads Authority, for the design, build, finance and maintenance of the N11/N7 Arklow/Rathnew PPP contract.
The project consists of four sections:
- Section A: The N11 Arklow/Rathnew element of the scheme consists of the design, construction, operation and maintenance of approximately 16.5 km of dual carriageway in the administrative area of Wicklow County Council.
- Section B: The operation and maintenance of an additional 30 km section of the existing M11 route (Arklow-Gorey and Arklow Bypass), which also involves some upgrade works.
- Section C: The design and construction of a service area north of Gorey which will provide facilities for N11 traffic. The service area facilities will be provided on the western side of the dual carriageway with access to and from the southbound carriageway via an overbridge.
- Section D: The design, construction operation and maintenance of the N7 Newlands Cross junction to an overpass grade-separated junction. The N7 mainline will be raised above its existing level while the Belgard/Fonthill Road (R113) will remain at the current level.
The capital value of the project is approximately €282 million. The project financing includes circa €160 million of bank debt which will be provided by senior lenders European Investment Bank and the Bank of Ireland, with a maximum maturity of 25 years, and investment from BAM PPP PGGM Infrastructure Coöperatie UA. The concession fee is based on the availability of the related infrastructure.
Construction work will be undertaken by BAM Contractors Ltd and will commence in July 2013 with completion scheduled for November 2015. BAM Contractors will maintain the roads throughout the 25 year contract.
BAM and PGGM advisers on the project were Ashurst and PwC.
- BAM PPP: Vicki Harris, Communications Manager, +44 (0)141 779 8634;
Royal BAM Group:
- Arno C. Pronk, +31 (0)30 659 86 21, (press) or
- Patrick R.E. Snippe, + 31 (0)30 659 87 07, (analysts);
- PGGM: Maurice Wilbrink, Corporate Communications, +31 (0)30 277 15 00.
About BAM PPP
BAM PPP invests in and manages over 30 PPP projects on behalf of Royal BAM Group. BAM PPP is active in Ireland, the UK, the Netherlands, Belgium, Germany and Switzerland in the education, health, law and order, road and rail PPP sectors. BAM Contractors, and its subsidiary operating companies, are leading construction and facilities management services organisations in Ireland.
PGGM is a cooperative Dutch pension fund service provider. PGGM offers its institutional clients: pension fund management, comprehensive asset management, policy advice and management support. Currently – on behalf of five pension funds – PGGM manages slightly in excess of € 133 billion for 2.5 million people. As a co-operation with more than 578,000 members, PGGM is helping to achieve a valuable future. Either alone or with strategic partners, PGGM is developing innovative future provisions by linking together pensions, care, housing and work.