Bilfinger Berger Global Infrastructure Acquisition of an Investment in Kelowna Vernon Hospitals and North East Stoney Trail for £25.9 million
Bilfinger Berger Global Infrastructure SICAV S.A. ('BBGI' or the 'Company')*, the listed global infrastructure investment company, is pleased to announce that it has signed the acquisition agreement for the pipeline assets set out in the prospectus published on 26 June 2013 comprising a 50% equity and loan note interest in Kelowna Vernon Hospitals and 100% equity and loan note interest in North East Stoney Trail.
The Kelowna & Vernon Hospitals project is a long term PPP concession contract to operate and maintain a new Patient Care Tower, a new University of British Columbia Okanagan Clinical Academic Campus and car park at Kelowna General Hospital and a new Patient Care Tower at Vernon Jubilee Hospital. These facilities are in the cities of Kelowna and Vernon in the interior of British Columbia, Canada. The project is availability-based with no volume risk.
North East Stoney Trail is a long term PPP concession contract to operate and maintain a 21km section of new highway, forming part of a larger ring road developed in Calgary, Alberta, Canada. The project is an availability-based road project with no traffic volume risk.
The total consideration payable by BBGI is CAD $41.3m or approximately £25.9 million. The acquisition will be funded from the Company`s existing cash and debt resources. The acquisition is conditional on, inter alia, third party consents and regulatory clearance under the Canadian Competition Act and is expected to be the completed shortly after the consents are obtained, which is anticipated to take place in Q3 2013.
These projects are all operational and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.