BAM-PGGM reaches financial close on the Courts Bundle PPP Project, Ireland
Bunnik, the Netherlands, 28 December 2015 – The National Development Finance Agency (NDFA), acting as agent for the Courts Service, and BAM PPP PGGM Infrastructure Coöperatie U.A have reached financial close on the Courts Bundle PPP Project in Ireland. The contract value is approximately €135 million.
The overall objectives of the project include the design, build, finance and maintenance of facilities at seven courthouses, ranging in size from 1,354 m² to 8,490 m² in gross floor area:
• Cork City - The refurbishment and extension of the existing landmark courthouse building at Anglesea Street to accommodate six courtrooms, improved custody facilities, court offices, the regional office and associated facilities.
• Drogheda, Co. Louth - A new courthouse consisting of two courtrooms and associated facilities to be constructed on a landmark town centre site adjacent to the River Boyne.
• Letterkenny, Co. Donegal - A new courthouse to accommodate four courtrooms and associated facilities to be constructed on a town centre site close to the existing courthouse.
• Limerick City - A new criminal courthouse to be built on a site adjacent to Limerick Prison, to include six courtrooms, custody facilities, court offices and associated facilities.
• Mullingar, Co. Westmeath - The refurbishment and extension of the existing historic courthouse in Mullingar to accommodate three courtrooms, improved custody facilities, court offices and associated facilities.
• Waterford City - The refurbishment and extension of the existing historic courthouse in Waterford to accommodate six courtrooms, improved custody facilities, court offices and associated facilities.
• Wexford Town - The refurbishment and extension of an existing landmark building to provide a new courthouse for Wexford Town consisting of four courtrooms, custody facilities, court offices and associated facilities.
Construction activities will be carried out by BAM Building. Completion is expected in 2017. BAM FM Ireland will be responsible for the hard and soft facilities management during a 25 year concession period.
The financing package which was fully structured and arranged by The Mitsubishi UFJ Financial Group included both bank loan and private placement note facilities as well as equity financing. The financing parties involved were MUFG as sole Note Arranger and MLA and Talanx Asset Management GmbH as noteholder. The equity investors were BAM PPP PGGM Infrastructure Coöperatie U.A.
BAM’s consultants included Arthur Cox and KPMG. DLA Piper provided legal advice to the banks. The NDFA’s legal advice was provided by McCann FitzGerald, financial advisors were also NDFA.
BAM PPP is responsible for Royal BAM Group’s involvement in the PPP market. Operating from offices in the Netherlands, Belgium, UK, Ireland and Germany, BAM PPP is active in the road, rail, education, healthcare, judicial and general accommodation sectors. BAM PPP has reached financial close on 41 projects, with a total capital value of over €6.3 billion.
PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On June 30, 2015 PGGM had €186,6 billion in assets under management. The PGGM cooperative has approximately 700,000 members and is helping them to realize a valuable future. Either alone or together with strategic partners, PGGM develops innovative future solutions by linking together pension, care, housing and work. www.pggm.nl
• BAM PPP: Vicki Harris, +44 (0)141 779 8634;
• Royal BAM Group nv:
press: Arno Pronk, +31 (0)30 659 86 23;
analysts: Joost van Galen, + 31 (0)30 659 87 07;
• PGGM: Corporate Communication: +31 (0)30 277 97 35.