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BAM-PGGM and Iridium consortium reaches financial close on M11 Gorey to Enniscorthy PPP project in Ireland

Bunnik, the Netherlands, 16 October  2015 – The National Roads Authority (NRA, otherwise known as Transport Infrastructure Ireland) and a BAM PGGM Iridium consortium has reached financial close on the M11 Gorey to Enniscorthy PPP project in Ireland.


The €400 million project (total investment) will involve the design, construction, financing, operation and maintenance of 31.4 km of dual carriageway (M11 and ‘N80 Link Road’ routes) and the design, construction and financing of 8.0 km of single carriageway (N30 route).

The M11 Gorey to Enniscorthy Scheme will form a strategic component of the motorway network, providing a high quality safe link within the south east region of Ireland. It will also  ease congestion by  bypassing Ferns, Camolin and Enniscorthy. The improvement of the N11/M11 route is a specific objective of Ireland’s infrastructure investment programme.

Total financing of €248 million was provided by a combination of EIB lending and Société Générale arranged note and an equity Bridge Facility.

For this landmark transaction Société Générale acted as Sole Note Arranger for the €113 million of senior secured notes which were privately placed with three institutional investors. Société Générale was also Sole EBL Lender and Swap Provider for the €27 million Equity Bridge Facility.

The investor group, which includes Aviva Investors, Babson and NN Investment Partners B.V., purchased partly paid notes that will provide scheduled financing throughout the construction phase. The notes were documented using the Pan European Private Placement format and rank pari passu with the EIB facility.

BAM PPP PGGM Infrastructure Coöperatie U.A. and Iridium Concessiones de Infraestructuras S.A are committing €27 million in equity to the project.

Construction will be undertaken by a BAM Civil Ltd and Dragados Ireland Ltd joint venture and will commence on site in January 2016, with the project expected to support in the region of 2,500 jobs across Ireland. The operations phase will commence in August 2019, followed by a 25 year concession period.

Consultants include: legal advisers Pinsent Masons and Ashursts; and financial adviser PWC .


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 38 projects, with a total capital value of over €5.7 billion.

About Iridium

Iridium Concesiones de Infraestructuras, S.A. (Iridium) is the PPP arm of the ACS Group, with more than 40 years of experience in the Design, Build, Finance, Operate and Maintain (DBFOM) PPPs in highways, toll roads, railroads and bridges. Iridium has ranked #1 on the list of the World’s Top Transportation for 15 years (according to Public Works Financing magazine), and it has been awarded over €10 billion PPP projects in the last 3 years in Europe, North America and South America. Iridium currently boasts a portfolio of 34 highway concessions spanning 18 countries, the majority of which are 30-year DBFOM contracts and amounts to almost €30 billion.

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, 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.

Further information


  • BAM PPP: Vicki Harris, +44 (0)141 779 8634;
  • Royal BAM Group – press: Arno C. Pronk, +31 (0)30 659 86 21;
  • Royal BAM Group – analysts: Joost van Galen, +31 (0)30 659 87 07.


  • Cristina Rives Ruiz-Tapiador, Business Development Director, +34 91 703 87 20, [email protected]


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