DIF Infrastructure III reaches FC to purchase French prison PPP
DIF Infrastructure III has completed the purchase from Bouygues Energies & Services FM France, RBS and Dexia Credit Local of 55.5% of Theia SAS, who holds a portfolio of three operational prisons in France.
Theia owns 3 prisons located in Nantes, Lille-Annoeullin and Réau, under a PPP contract signed with the French Ministry of Justice in February 2008.
The three prisons, designed and built by subsidiaries of Bouygues Construction, were all completed in 2011 and are operated and maintained by Themis FM, a JV between Bouygues Energies & Services and Idex. The scope of the O&M contract also includes the provision of some services to the inmates, such as catering, laundry and vocational training.
The project benefits from long-term debt finance provided by Dexia and RBS. The other shareholders in Theia are Bouygues Energies & Services (10%) and SEIEF (34.5%).
With the Themis acquisition closed in September 2014, this is the second portfolio of operational PPP prisons acquired by DIF Infrastructure III in France.
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