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BAM PGGM-HABAU consortium reaches financial close on Availability Model A10/A24 Neuruppin to Pankow in Germany

Bunnik, the Netherlands, 15 February 2018 – The consortium consisting of BAM-PGGM and HABAU has reached financial close on the Availability Model A10/A24 AS Neuruppin to AD Pankow in Germany. The construction volume is €650 million.


The project will include the design, build, finance, maintain and operate contract which comprises the widening of the A10 to six lanes for a length of 29.6 km of motorway and the complete reconstruction of the A24 with four lanes plus an extended hard shoulder for a length of 29.2 km. In addition to the motorway, the construction scope of works also includes several bridges (27 replacement constructions, 10 new constructions, 2 demolitions), noise protection walls, traffic sign bridges, traffic management installation, interchanges, rest areas and secondary/agricultural roads.

The construction activities will be carried out by BAM’s German civil engineering company Wayss & Freytag Ingenieurbau in cooperation with HABAU. The construction period will commence in March 2018 with completion expected in December 2022.

The operation and maintenance services scope, which includes winter maintenance, covers the entire contract section with a total length of approximately 64.2 km of motorway, including 51 bridges (37 new constructions and 14 existing). The O&M works will be carried out by BAM PPP and HABAU and will run until 2048.

The financing structure is a long-term bond funding including institutional investors, in addition the European Investment Bank will provide its Structured Finance Facility. Short term facilities will be provided as bank loans. The funders involved are BayernLB, DekaBank, DZ Bank, European Investment Bank, Rabobank and Tecta.

The equity sponsors for the project are BAM PPP PGGM Infrastructure Coöperatie (70%) and HABAU (30%).

Consultants include legal advisers DLA Piper (Sponsors) and Allen & Overy (Lenders) as well as the financial adviser Bank of Tokyo-Mitsubishi UFJ.


BAM PPP is responsible for Royal BAM Group’s involvement in public-private partnership (PPP) projects. BAM PPP operates in five key European markets – the Netherlands, Belgium, UK, Ireland, and Germany – and is exploring new markets in addition to 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 46 projects, with a total capital value of over €7.2 billion.

BAM PPP is an operating company of Royal BAM Group, a worldwide construction services company listed at Euronext Amsterdam.

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 31 December 2017 PGGM had EUR 218 billion in assets under management and was administrating pensions of 3 million participants. Around 725,000 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. Find out more at

Further information:


Vicki Harris, +44 (0)141 779 8634

Royal BAM Group

Press: Arno Pronk, +31 (0)30 659 86 23

Analyst: Joost van Galen, +31 (0)30 659 87 07


Press: Maurice Wilbrink, +31 (0)30 277 97 35

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