Financial close PPP project Renovation Rijnstraat 8, The Hague
Bunnik, the Netherlands, 15 July 2014 - The Government Buildings Agency (Rijksvastgoedbedrijf) and BAM PPP PGGM Infrastructure Coöperatie U.A. have reached financial close today for the renovation of the Rijnstraat 8-building in The Hague. The new flexible government office Rijnstraat 8 will accommodate the Ministry of Foreign Affairs, the Ministry of Infrastructure and Environment, the Immigration and Naturalisation Services and the Dutch Central Agency for the Reception of Asylum Seekers (COA) as of early 2017. The contract covers the design, construction, financing, maintenance and soft services over a twenty five year period (‘DBFMO’).
The project is to be implemented by the ‘PoortCentraal’ consortium, a partnership between BAM, OMA, and ISS. BAM PPP won the project in joint venture with PGGM; together, they will be providing the required equity. Project financing is provided by Rabobank and Allianz Global Investors Europe. The present value of the project is €267 million.
Works will start in the last quarter of 2014 and the building will be completed in end 2016. Following the construction phase, the consortium will be responsible for services and management over a twenty five year period, including among other services: maintenance, catering, cleaning and logistics.
KPMG were financial advisors to PoortCentraal during the tendering process and the preparations for financial close. Legal advisor to the consortium was De Brauw Blackstone Westbroek. AON Risk Services and VHIVA supported PoortCentraal with regard to insurance issues. Advisors to the lenders were Nauta Dutilh (legal), Turner & Townsend (technical), BDO (model auditor) and AON Global Risk Consulting (insurance).
Further information:
- press: Arno C. Pronk, +31 (0)30 659 86 21
- analysts: Joost van Galen, +31 (0)30 659 87 07.