The joint venture between BAM PPP and PGGM (BAM PPP PGGM Infrastructure Coöperatie) continues to develop positively. In 2012 it achieved financial close on two projects (Schools Bundle 3 in Ireland and the N33 Assen-Zuidbroek in the Netherlands) and received another two existing projects transferred from BAM PPP (A59 in the Netherlands and Somerset Schools in the UK).

Into 2013 it remains preferred bidder on a concession targeting financial close before the half year results and has already reached financial close on the Supreme Court Building (Netherlands). In addition on 28 March the successful transfer of both the Burgdorf Justice Centre (Switzerland) and the A12 (Netherlands) took place, which means that:

• The joint venture now holds investments in ten PPP projects;
• The market value of the joint venture is in excess of €140 million;
• The joint venture is involved in four PPP projects in the Netherlands (three road projects, the A59, N33, A12 and the Supreme Court Building);
• The joint venture is currently bidding for 13 PPP Projects in BAM PPP's home markets.

BAM - PGGM Joint Venture

This joint venture, BAM PPP PGGM Infrastructure Coöperatie U.A., marked a significant development, and is the first of its kind, in the European Public Private Partnership (PPP) market. It combines the capabilities of a proven developer of PPP concessions with the skills of a major long-term investor.

The objective of the joint venture remains providing a long-term partnership to invest in the developing social and transport PPP markets in the Netherlands, Belgium, the United Kingdom, Ireland, Germany and Switzerland.

The initial target value was €390 million. BAM PPP transfered into the joint venture a total value of €150 million of existing PPP assets and the remaining €240 million was to be allocated to new projects via acquisitions.

BAM PPP retains full responsibility for bid management for new projects and the provision of asset management services to the joint venture and represents the joint venture in its transactions. PGGM provided the majority of the required capital for existing projects, while new projects are funded on a 50/50 basis. The board of the joint venture will be formed on an equal basis between the parties.

About BAM PPPBAM PPP is an operating company of Royal BAM Group, a worldwide construction services company generating revenues of approximately €7.4 billion and listed on NYSE Euronext Amsterdam.

About PGGMPGGM is a cooperative Dutch pension fund service provider. PGGM offers its institutional clients: pension fund management, comprehensive asset management, policy advice and management support. Currently - on behalf of five pension funds - PGGM manages slightly in excess of €133 billion for 2.5 million people.

Source: BAM