BAM PPP and DIF hold equal shares in PPP joint venture
Bunnik, The Netherlands, 25 November 2008 - Investor DIF (Dutch Infrastructure Fund) has agreed to acquire an additional 25 per cent of the shares in the joint venture with BAM PPP with the transaction to be completed in early December 2008. This joint venture in which both parties will then hold an equal share was established in December 2007 and has four operational UK PPP projects in its portfolio. The additional divestment of 25 per cent by BAM PPP will result in a book profit for BAM of approximately €10 million. This book profit was already included in BAM's net profit forecast for 2008, as published in the half-year report on 28 August 2008.
The 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 bidding programme of BAM PPP. BAM considers the joint venture with DIF as an excellent opportunity to collaborate with an active player in the secondary investment market. The joint venture will be continued by BAM PPP and DIF on a 50/50 basis.
Royal BAM Group nv will publish the results for the first nine months of 2008 on Tuesday 27 November 2008.
Further information:
- Press: A.C. Pronk, +31 (0)30 659 86 21;
- Analysts: P. Juge, +31 (0)30 659 86 01.