BAM reaches Financial Close on Dendermonde Prison project in Belgium
The contract for the design, build, finance and maintenance of the Dendermonde Prison project in Belgium reached Financial Close successfully on 18 February 2020. The Belgian Buildings Agency (Regie der Gebouwen / Régie des Bâtiments) and Federal Governmental Department of Justice (FOD Justitie / SPF Justice) awarded BAM PPP the contract for the provision of a prison in Dendermonde, which will house 444 inmates. The contract value of the project is €194 million. Dendermonde is situated between Antwerp and Ghent.
BAM PPP PGGM Coöperatie U.A. is 100 per cent shareholder and equity provider of Poort van Dendermonde nv. The design and construction will be executed by BAM Interbuild. BAM Facility Management will provide the maintenance for a period of 25 years and soft facilities services which will include laundry, waste treatment and catering services.
Senior debt will be provided by Belfius Bank SA/NV, AG Insurance NV/SA and Nationale-Nederlanden Levensverzekering Maatschappij NV. Coöperatieve Rabobank U.A provides the equity bridge facility.
Consultants involved include legal adviser Linklaters and BDO as tax advisor and model auditor. Allen & Overy (legal), Mott MacDonald (technical) and AON Global Risk Consulting (insurance) advised the lenders.
The construction work is due to start in August 2020 and is expected to be completed by October 2022.