Hochtief sells Alberta school P3 project to Concert Infrastructure
Concert Infrastructure announced on November 1st the acquisition of the Alberta Schools Alternative Procurement Phase II project (ASAP II).
A 100% interest in ASAP II, and the associated project company B2L Partnership, was acquired from HOCHTIEF PPP Solutions GmbH and Connor, Clark & Lunn GVest Traditional Infrastructure LP.
The ASAP II project involved the design, construction, financing and maintenance of 10 Alberta schools located throughout Edmonton, Calgary, Langdon and Okotoks. B2L Partnership was awarded the CAD$253M ASAP II project in 2010 by Infrastructure Alberta. The schools have been in operation since 2012, and the 30 year concession period concludes in 2042.
The acquisition of secondary market projects such as ASAP II represent a key component of Concert's three-pronged investment strategy, and serve as an exceptional long-term investment for Concert and its shareholders.
David Podmore, Concert Infrastructure's Chairman & Chief Executive Officer, said:
In September 2012, Concert secured the ASAP III public-private partnership project to design, build, finance and maintain a total of twelve schools in eight communities across Alberta. Concert holds a 50 % share in the project company and HOCHTIEF PPP Solutions North America Inc. has another 50 %.The project will be delivered using a public private partnership model with the Government of Alberta over a 30-year term. The project has a contract value of $288.8 million."With this acquisition, Concert has become the largest investor in multi-site PPP projects in North America, with an interest in 40 individual facilities. This acquisition further demonstrates Concert's long-term commitment to investment in Canadian infrastructure assets."
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