Macquarie Capital reaches FC on Amsterdam court PPP
The consortium New Amsterdam Court House (NACH) achieved the Financial Close for the DBFMO contract signed on 25 May 2016 for the construction and operation of the Rechtbank Amsterdam courthouse PPP project.
This finalizes the financing for the project, which has a net present value of €235 million (US$260 million) including a 30-year management and maintenance contract.
As we reported in April, Rijksvastgoedbedrijf, the Dutch Central Government Real Estate Agency selected the consortium of Macquarie, Heijmans and Facilicom to develop the New Amsterdam Court House (NACH) PPP project.
Lenders include Mitsubishi UFJ Financial Group (MUFG), Nederlandse Waterschapsbank N.V. (NWB Bank), Sumitomo Mitsui Banking Corporation (SMBC) and MEAG.
The debt package comprises a €75 million (US$83 million) construction bridge facility to be replaced by an operational term loan from MEAG; an €80 million (US$ 88 million) milestone bridge facility; an equity bridge facility; and a debt service reserve facilities.
Construction of the Amsterdam Court House will commence in August 2017 and the building will be commissioned in 2020.
The NACH consortium is a partnership between Macquarie Capital, Heijmans, Facilicom, ABT, DVP, KAAN Architecten, BiUM and Bouwbedrijf M.J. de Nijs & Zonen. The consortium has appointed Macquarie Capital Europe Limited as Financial Advisor.
Country news
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The contract has a total value of approximately €300 million (US$340.92 million) and the European Investment Bank (EIB) has committed to provided nearly €80 million (US$90.91 million), fully guaranteed under the European Fund for Strategic Investments (EFSI). Two other commercial banks, Bank of Tokyo Mitsubishi UFJ (BTMU) and Deka Bank provided an €160m loan with a 24-year tenor. Read more -
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