BAM PGGM and OFI InfraVia acquire majority interests in A8 German motorway
Bunnik, The Netherlands, 30 May 2013 - BAM PPP PGGM Infrastructure Coöperatie (the joint venture between BAM PPP and the Dutch pension fund service provider PGGM) and OFI InfraVia today announce their acquisition of 50% and 25% respectively of the economic interests in the concession rights associated with the A8 A-model project (the ‘A8’) from BAM PPP (25%), Fluor Infrastructure (25%) and VolkerWessels Deutschland (25%). The final 25% remains held by Egis Investment Partners (19%) and Berger Bau (6%).
The 30 year project which was the first of the A-Model projects in Germany to reach financial close in 2007 reached completion of the widening to six-lanes in 2010, and involves the operation and maintenance of the section of the A8 Federal motorway between Augsburg and Munich. The concession revenues are based on the number of HGV using the motorway section, and the corresponding toll revenues collected by Toll Collect GmbH, the operator of HGV distance-based toll system applicable on German federal motorways.
The motorway is operated by a special purpose company autobahnplus Services GmbH under the leadership of Egis Road Operation (56%) together with Wayss & Freytag (16%), VolkerWessels Deutschland (16%) and Berger Bau (12%).
For the BAM PGGM JV this transaction continues the Royal BAM strategy of structured divestment to realise some of the underlying value in its portfolio of PPP projects while providing PGGM with access to immediately yielding assets and long-term inflation-linked returns both of which are attractive features for its clients.
About BAM PPP
BAM PPP is an operating company of Royal BAM Group, a worldwide construction services company generating revenues of approximately €7.4 billion and listed on NYSE Euronext Amsterdam. BAM PPP is responsible for Royal BAM Group’s involvement in the PPP market. Operating from offices in Bunnik, Birmingham, Brussels, Dublin, Frankfurt am Main and Glasgow, BAM PPP invests in and manages over 30 PPP projects and is active in the road, rail, education, healthcare, judicial and general accommodation sectors and is well positioned to access most Western European markets.
About PGGM
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 approximately € 140 billion for 2.5 million people. As a co-operation with more than 580,000 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.
Further information:
Royal BAM Group nv:
- press: A.C. Pronk, +31 (0)30 659 86 21;
- analysts: P.R.E. Snippe, +31 (0)30 659 87 07;
PGGM:
- press: Maurice Wilbrink, +31(0)30 277 15 00.