BAM reaches Financial Close on first project in Irish Government’s Stimulus Programme - Schools PPP Programme, Bundle 4
Bunnik, the Netherlands, 8 January 2015 - BAM PPP has reached financial close on Irelands Schools Bundle 4 PPP project.
The project comprises four new post-primary schools in Counties Tipperary, Cork, Clare and Louth. The schools will all be constructed on greenfield sites and will have an overall pupil capacity of 2,950.
BAM has worked with the Department of Education and Skills (DoES) and the National Development Finance Agency (NDFA) to reach Financial Close as expected this year. This significant project is the first accommodation-based project in the Irish Government’s Stimulus Programme to Close.
BAM commenced construction on the 5th January 2015, with overall completion in May 2016. This will be followed by a 25 year concession period where BAM will be delivering both hard and soft facility management services. Investment funds will be provided by BAM PPP PGGM Coöperatie.
The total investment will be €70 million. Project financing will be provided jointly by two banks, AIB and KfW. The banks were selected following a Preferred Tenderer funding competition conducted by BAM and overseen by the NDFA.
Consultants include: Philip Lee as NDFA’s Legal Advisor, QMPF as BAM PPP’s Financial Advisor, Arthur Cox as BAM PPP’s Legal Advisor and DLA Piper as Banks’ Legal Advisor, Johnston Houston as Banks’ Technical Advisor.
About BAM PPP
BAM PPP is an operating company of Royal BAM Group, a worldwide construction services company generating revenues of approximately €7 billion and listed on Euronext Amsterdam. BAM PPP is responsible for Royal BAM Group’s involvement in the PPP market. Operating from offices in Dublin, Bunnik, Brussels, Birmingham, Frankfurt am Main and Glasgow, BAM PPP is active in the road, rail, education, healthcare, judicial and general accommodation sectors and is well positioned to access most Western European markets.
About BAM Contractors
BAM Contractors, also an operating company of Royal BAM Group, was established in Ireland in 1958. It has a long track record of investing in and delivering significant building and civil engineering projects, including under the PPP model. Earlier this year BAM completed eight schools under Schools Bundles 3 PPP and has also successfully delivered the Newlands Cross Junction, M1 Dundalk Western Bypass, the M7 / M8 Portlaoise Bypass and the M25 Waterford Bypass PPP Motorway schemes.
About PGGM
PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On 1 September 2014 PGGM has € 178 billion in assets under management. The PGGM cooperative has approximately 675,000 members and is helping them to realize a valuable future. Either alone or together with strategic partners, PGGM develops innovative future provisions by linking together pension, care, housing and work.
Further information:
BAM:
- BAM PPP: Vicky Harris, +44 (0)141 779 8634;
- Royal BAM Group - Press: Arno C. Pronk, +31 (0)30 659 86 21;
- Royal BAM Group - Analysts: Joost van Galen, +31 (0)30 659 87 07.
PGGM:
- Maurice Wilbrink, spokesman,+31 (0)30 277 15 00, maurice.wilbrink@pggm.nl.