Bilfinger Berger Global Infrastructure SICAV (BBGI) has closed its previously announced purchase of a 50 percent equity and loan note interest in Kelowna Vernon Hospitals in British Columbia, and a 100 percent equity and loan note interest in North East Stoney Trail in Alberta. The price paid for the two long-term PPP concession contracts was $41.3 million. BBGI is an infrastructure investment firm incorporated in Luxembourg, with portfolio assets in Europe, Australia and Canada.
BBGI announces the completion of the acquisition of an Investment in Kelowna & Vernon Hospitals and North East Stoney Trail
Bilfinger Berger Global Infrastructure SICAV S.A. (ticker “BBGI”) is pleased to announce that it has completed the acquisition of 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 paid by BBGI is CAD $41.3m or approximately GBP24.8 million(1) . The acquisition was funded from the Company`s existing cash resources. The Company will benefit from the distributions made on or after 1 October 2012 in the case of Kelowna & Vernon Hospitals and 1 November 2012 in the case of North East Stoney Trail.
BBGI own a portfolio of 22 infrastructure assets. These projects are operational PPP / PFI assets and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.
Further information about BBGI is available on its website at www.bb-gi.com.
Any reference to the Company or BBGI refers also to its subsidiaries (where applicable).
(1) Based on an exchange rate of GBP:CAD of 1.667 as at 12 November 2013.
For further information please contact:
BBGI Management Team +352 2634791
Maitland +44 (0)20 7379 5151
Photo of Kelowna Vernon Hospitals courtesy of Partnerships British Columbia.