Bilfinger Berger Global Infrastructure SICAV S.A. (BBGI) announced in early December that it has signed an agreement with Graham Investment Projects Limited to acquire additional equity and subordinated debt interests in three assets, being Lagan College, Tor Bank School and DBFO-1 Road Service (M1 Westlink), all of which are in Northern Ireland.

The total cash consideration payable is approximately £9 million.

Lagan College is a concession to build a school and partially refurbish and remodel an existing school building in Northern Ireland. Under the existing sale and purchase agreement with Bilfinger Group, as announced on 15 November 2013, it is proposed that BBGI will acquire 70% of the equity and subordinated debt in this project from the Bilfinger Group. Under this new agreement, BBGI will acquire the remaining 30% of the equity interest and subordinated debt in the project.

Tor Bank School is a concession to develop, fund, build, operate and manage a new school for pupils with special education needs in Northern Ireland. Under the existing sale and purchase agreement with Bilfinger Group it is proposed that BBGI will acquire 70% of the equity and subordinated debt in this project. Under this new agreement, BBGI will acquire the remaining 30% of the equity interest and subordinated debt in the project.

DBFO-1 Road Service (M1 Westlink) is a concession to design, upgrade, finance and operate the M1 Westlink road scheme in Belfast. Under the existing sale and purchase agreement with Bilfinger Group, it is proposed that BBGI will acquire 75% of the equity and subordinated debt in this project. Under this new agreement, BBGI will acquire the remaining 25% of the equity and subordinated debt.

On completion of the acquisitions, BBGI will control 100% of the equity and subordinated debt in all three assets.

This acquisition agreement is conditional inter alia on BBGI raising funding and obtaining relevant third party consents from project counterparties. The acquisitions are expected to be completed in December 2013 or Q1 2014.

"We are delighted to announce the agreement to acquire the additional equity interests in these high quality PPP/PFI assets. This follows the recent announcements of the proposed acquisitions of the Pipeline Assets from Bilfinger Group on 15 November 2013 and the additional investment interests from Assura Group Limited on 25 November 2013, providing further growth momentum for BBGI."