BBGI acquires stake in hospital PPP in Canada
BBGI SICAV S.A., has acquired a 25% equity interest in the Stanton Territorial Hospital PPP Project. Stanton is a new 27,000m2 hospital with 100 patient rooms located in Yellowknife, Northwest Territories, Canada.
The project is in the final stages of construction and has a 30-year operational period. Availability payments will be received from the Government of Northwest Territories, which is rated Aa1 by the credit rating agency Moody's.
A wholly-owned subsidiary of Fairfax Financial Holdings Limited is the management contractor of the project, which has taken over the contract from Carillion Canada Inc.
The cash consideration for the stake acquired has been funded from BBGI's existing cash resources and drawings under the existing credit facility to back the equity commitment. The specific purchase price is confidential but is less than GBP5 million (US$6.56 million) according to the company.
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