BBGI announces acquisition of Australian PPP Project
Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) announced on 10 March, 2014, that it has completed the acquisition of a 50% interest in the Northern Territories Secure Facility in Australia.The Northern Territory Secure Facilities, which is located on a greenfield site at Holtze, near Darwin, is a new 1,000 bed correctional facility. The concession term runs until June 2044. the Northern Territory government, which is rated Aa1 by Moody's Investor Services, will pay BBGI during the concession period.
The construction work relating to the project is being undertaken by a joint venture between Lend Lease and Sitzler Pty Ltd. While Honeywell Limited will be responsible for the facility management and the Northern Territory government will provide custodial services. The project is expected to become operational in H2 2014.
The project was a pipeline asset in the recent £145 million capital raise which completed on 11 December 2013 and the acquisition was funded from the BBGI's existing cash resources.
Bilfinger Berger Global Infrastructure SICAV S.A. is a closed-ended investment company incorporated in Luxembourg, listed on the main market of the London Stock Exchange. BBGI has a portfolio consisting of 20 PFI/PPP assets diversified by geography and sector across availability-based road projects and a range of social infrastructure projects in the UK, continental Europe, Canada and Australia.
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