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BAM and PGGM to extend their PPP partnership

Bunnik / Zeist, the Netherlands, 23 November 2020 – Royal BAM Group and Dutch pension fund service provider PGGM have reached conditional agreement on the key terms for the extension of the current partnership between PGGM Infrastructure Fund and BAM PPP.


PGGM Infrastructure Fund intends to acquire a 50% interest in BAM PPP, one of Europe’s leading developers and managers of PPP concessions.

This transaction builds on the success of BAM PPP PGGM Infrastructure Coöperatie U.A., the joint venture formed between BAM PPP and PGGM Infrastructure Fund in 2011.

The extended partnership is expected to generate significant potential to accelerate growth in existing European and new global markets by providing BAM PPP with a broader remit and greater flexibility to expand its portfolio. At the same time, BAM PPP will be continuing to provide first-class services for its clients along the entire lifetime of the concession.

On 30 June 2020, as a first step in further extending the partnership, PGGM Infrastructure Fund increased its share in 21 projects within BAM PPP PGGM Infrastructure Coöperatie U.A. from 80% to 90%, representing an investment of €39 million.

PGGM Infrastructure Fund intends to pay a consideration of circa € 130 million for the acquisition of 50% of the shares in BAM PPP, consisting of an initial consideration of circa € 100 million payable at completion of the agreed transaction and a contingent consideration upon BAM PPP achieving specific financial targets in the future.

For Royal BAM Group closing this transaction results in a circa €125 million increase of shareholders’ equity, which includes a revaluation of BAM’s retained equity interests to market value.

The transaction is subject to final agreement on documentation and certain closing conditions (including obtaining relevant merger clearance and completion of the works council consultation process), and is expected to close in December 2020. From January 2021, as a result of completion of the transaction, BAM PPP will operate as a company owned equally by Royal BAM Group and PGGM Infrastructure Fund.


Ruud Joosten, CEO Royal BAM Group: ‘I’m very happy with this important milestone, which will deliver accelerated growth that will benefit both shareholders. BAM PPP will continue to work closely with its BAM sister companies to offer our clients with the best whole-life solutions. The expertise and global networks of both organisations will also support the development of new investment opportunities.’

Erik van de Brake, Head of Infrastructure PGGM: ‘For PGGM this transaction is a natural next step in a long-term successful partnership, aligning PGGM’s ambitions to invest and to build capacity within the PPP sector more globally and BAM’s interest in utilising its team’s market leading capability to its full potential’.

Kieron Meade, Managing Director, BAM PPP: ‘Creating an exclusive investor and delivery partner joint venture was a significant innovation for the PPP sector in 2011. Since then, the BAM PPP PGGM full-service capability and proven commitment to long-term investment for the whole life cycle of a concession has proved extremely attractive to European clients. We believe this new collaboration will now help us unlock major opportunities in the new wave of PPPs emerging in selected global markets.’

About PGGM

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, 2020 PGGM had EUR 246 billion in assets under management and was administrating pensions of 4.4 million participants. Around 750,000 workers in the Dutch healthcare are connected to PGGM&CO, our members organization. Either alone or together with strategic partners, PGGM develops future solutions by linking together pension, care, housing and work.


Formed in 2005, BAM PPP is currently responsible for Royal BAM Group’s involvement in public private partnership (PPP) projects. BAM PPP operates in five key European markets (Netherlands, Belgium, UK, Ireland and Germany) and in selected International markets, in addition to exploring broader project finance investment opportunities. BAM PPP’s sector expertise includes roads, rail, education, health, justice, marine and general accommodation. BAM PPP has reached financial close on 49 projects, with a total capital value of over €12.1 billion.

This press release contains inside information within the meaning of article 7(1) of the EU Market Abuse Regulation.

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