BAM PPP transfers four UK PPP projects to new joint venture with DIF
Bunnik, The Netherlands, 10 December 2007 - The joint venture between BAM PPP and investor DIF (Dutch Infrastructure Fund) - which was announced by Royal BAM Group on 29 May 2007 - is now established and has acquired four operational projects from BAM PPP. Initially BAM PPP will hold 75 per cent of the new company, but the intention of both parties is to have equal shares by the end of 2009. The initial divestment of 25 per cent results in a book profit for BAM of approximately €12.5 million. This amount was already included in BAM's net profit forecast for 2007 of at least €310 million, as published 29 November.
This transaction fits the long term divestment strategy of Royal BAM Group to realise some of the underlying value in its portfolio of PPP projects, and to recycle funds to support the active and growing bidding programme of BAM PPP. The joint venture with DIF marks the commencement of this divestment programme and represents an excellent opportunity to collaborate with an active player in the secondary investment market.
- Press: A.C. Pronk, +31 (0)30 659 86 21;
Analysts: P. Juge, +31 (0)30 659 86 01