Rijksgebouwendienst and BAM/PGGM joint venture reach financial close for PPP project for new Supreme Court Building
Bunnik, the Netherlands, 23 January 2013 - The Government Buildings Agency (Rijksgebouwendienst) and a consortium of BAM have reached financial close today for the new building of the Supreme Court of the Netherlands in The Hague. The contract covers the design, construction, financing, maintenance and soft services over a thirty year period (‘DBFMO’).
The project is to be implemented by the ‘Poort van Den Haag’ consortium, a partnership between BAM PPP PGGM Infrastructure Coöperatie U.A., Claus en Kaan Architecten, BAM Utiliteitsbouw, BAM Techniek and ISS Integrated Facility Services.
BAM PPP secured the project with joint venture partner PGGM; together, they will be providing the required equity. The new accommodation for the Supreme Court is the first Dutch accommodation investment for PGGM through the joint venture with BAM PPP. Project financing is provided by SMBC and BNG.
Works will start in the second half of 2013 and the building will become available to the Supreme Court in November 2015, after which the consortium will be responsible for services and management over a thirty year period.
The project covers the demolition of the former AXA building and the French embassy at the Korte Voorhout and the construction of a building with offices and courtrooms with a gross surface area of 15,000 m2 and an underground car park. The services include maintenance, catering, cleaning and security of the new accommodation.
KPMG was involved during the tendering process and the preparations for the financial close as financial advisor. Legal advisor to BAM/PGGM was De Brauw Blackstone Westbroek. Advisors to the banks were Nauta Dutilh (legal), Mott MacDonald (technical), BDO (model auditor) and AON Global Risk Consulting (insurance).
- press: A.C. Pronk, +31 (0)30 659 86 21
- analysts: P.R.E. Snippe, +31 (0)30 659 87 07