Ballast Nedam agrees with project partners A15 and A2
Ballast Nedam has signed agreements for the large-scale infrastructure projects A15 Maasvlakte-Vaanplein and A2 Maastricht in the Netherlands.
Under one of the agreements, economic and legal interest has been reduced from 40% to 10% for the A15 Maasvlakte-Vaanplein project. The joint-venture partners Strukton Groep N.V. and Strabag SE have each increased their share to 45%. Ballast Nedam will pay €4 million to Strabag and €6 million to Strukton in 2016 as a risk premium. The transaction will have a positive impact of around €13 million on balance on capital and results in the second half of 2015, due to the release of provisions. Ballast Nedam's share in the operation and maintenance phase of the project remains unchanged at 33.33%.
Under the second agreement, project partner Strukton has taken over Ballast Nedam's share in the infrastructure activities in the A2 Maastricht project and Strukton's share in the property development of the project has been transferred to Ballast Nedam. The firm will pay its share of 50% of the project loss, i.e. €22 million, to Strukton. The firm has acquired the right to the land positions for the property development and on completion of the tunnel will pay approximately €40 million to Strukton, for which external financing will be sought. The transaction will have no impact on assets and results in the second half of 2015.
Erik van der Noordaa, CEO of Ballast Nedam stated:
"These agreements are very important to Ballast Nedam. A great effort has been put into enabling these agreements and we are very thankful to our project partners, clients and other stakeholders involved for their cooperation."
Ballast Nedam targets its strategic focus at successfully acquiring and carrying out integrated projects in the working areas of housing and mobility in the Netherlands and internationally. We also work on projects where we can make a difference for the client with our expert knowledge and skills. Ballast Nedam applies a differentiated market approach for its three divisions.
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