3i Infrastructure acquires 80 % stake in Dutch military museum PPP
3i Infrastructure yesterday announced it has committed to invest €6.3 million in an 80% holding in the Soesterberg National Military Museum PPP project (NMM) in the Netherlands.
The NMM project was procured under a typical PPP framework by the Dutch Ministry of Defence and comprises the design, build, finance and maintenance of a museum facility on the site of the former Soesterberg Airbase, located c. 60kms south east of Amsterdam. The project is currently under construction, with completion scheduled for September 2014. The new facility will showcase military hardware and hold various related events including workshops and symposia on military research. Heijmans NV, the construction contractor, will retain the remaining 20% holding.
3i Infrastructure said the investment is consistent with the company's strategy of increasing its exposure to the primary PPP market. It considers that the Netherlands is an attractive market for primary PPP investment, offering a healthy investment pipeline and strong governmental and contractor counterparties.
3i Infrastructure acquired the holding in NMM from 3i Group, which acquired it simultaneously with the completion of its acquisition from Barclays Bank plc of Barclays Infrastructure Funds Management Limited (BIFM).
Of the €6.3 million commitment, €3.25 million has been invested, with the remainder expected to be invested at completion of construction.
Peter Sedgwick, Chairman, 3i Infrastructure, commented:
"The Board is pleased with this investment, which diversifies the Company's portfolio with a PPP investment in continental Europe".
Cressida Hogg, Managing Partner, Infrastructure, 3i Investments plc, added:
"This is the first of the investments sourced for 3i Infrastructure from the investment adviser's enhanced origination platform. We expect that 3i Group's acquisition of BIFM will bring further investment opportunities for the Company".
On Monday, 3i Group plc has announced today the completion of the acquisition from Barclays Bank plc of Barclays Infrastructure Funds Management Limited, its European infrastructure fund management business.
In July 2013, Heijmans and Barclays Infrastructure Fund (BIF) commented that they are going to be partners in the Heijmans Capital BV joint venture for financing DBFMO (design, build, finance, maintain, operate) projects.
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