BAM and PGGM have announced that they have completed the refinancing of the Poort van Den Haag B.V. (PvDH), a fully operational availability-based PPP Court Project in Den Haag in the Netherlands.

Following a competitive process, Nederlandse Waterschapsbank (NWB) was selected as the mandated lead arranger to provide the funding which entailed converting an existing floating rate bank facility into a long term (28 years) fixed rate financing.

Rubicon Infrastructure Advisors advised the companies in the refinancing.

In November 2012, the Government Housing Agency commissioned the PPP project to the consortium 'Poort van den Haag'. The consortium comprises BAM PPP B.V., PGGM, BAM Bouw en Techniek B.V., ISS Nederland B.V. and KAAN Architecten

PvDH is owned by BAM and PGGM through their successful joint venture BAM PPP PGGM Infrastructure Coöperatie U.A.

The contract includes the design, building, finance, maintaining, operating (DBFMO) of the project over a period of 30 years. It was completed in April 2016.

The building, which measures 18,000 m2 and houses a staff of 350, is located in the elegantly historic city center of The Hague. It is situated along the Korte Voorhout, a royal route connecting several institutional buildings to the Parliament building, and adjacent to Malieveld park.

Christian Kummert, Managing Director and head of the debt advisory at Rubicon was quoted:

"We are delighted to have closed our first deal in the Netherlands with one of Europe’s most successful developers and pension funds. The favourable terms obtained for the refinancing demonstrate Rubicon’s continued ability to access capital from both traditional and non-traditional bank and institutional PPP lenders. This is the second debt refinancing that Rubicon has closed in recent weeks converting floating rate bank debt to fixed rate debt under two separate structures, demonstrating the changing dynamics within the infrastructure debt markets and Rubicon’s continued ability to provide bespoke solutions to our clients.”

Rubicon recently closed the €175 million debt refinancing for Autopista Central Gallega in Spain and was the financial advisor to Cintra and Meridiam on the I66 Managed Lanes project, a transaction of over US$3 billion, which reached commercial close last week.