{"id":1969,"date":"2015-10-16T00:00:00","date_gmt":"2015-10-16T00:00:00","guid":{"rendered":"https:\/\/invesis.localhost\/bam-pggm-and-iridium-consortium-reaches-financial-close-on-m11-gorey-to-enniscorthy-ppp-project-in-ireland\/"},"modified":"2023-06-22T13:07:52","modified_gmt":"2023-06-22T13:07:52","slug":"bam-pggm-and-iridium-consortium-reaches-financial-close-on-m11-gorey-to-enniscorthy-ppp-project-in-ireland","status":"publish","type":"post","link":"https:\/\/www.invesis.com\/de\/bam-pggm-and-iridium-consortium-reaches-financial-close-on-m11-gorey-to-enniscorthy-ppp-project-in-ireland\/","title":{"rendered":"BAM-PGGM and Iridium consortium reaches financial close on M11 Gorey to Enniscorthy PPP project in Ireland"},"content":{"rendered":"
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Bunnik, the Netherlands, 16 October\u00a0 2015 \u2013 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.<\/p>\n

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The \u20ac400 million project (total investment) will involve the design, construction, financing, operation and maintenance of 31.4 km of dual carriageway (M11 and \u2018N80 Link Road\u2019 routes) and the design, construction and financing of 8.0 km of single carriageway (N30 route).<\/p>\n

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\u00a0 ease congestion by\u00a0 bypassing Ferns, Camolin and Enniscorthy. The improvement of the N11\/M11 route is a specific objective of Ireland\u2019s infrastructure investment programme.<\/p>\n

Total financing of \u20ac248 million was provided by a combination of EIB lending and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale arranged note and an equity Bridge Facility.<\/p>\n

For this landmark transaction Soci\u00e9t\u00e9 G\u00e9n\u00e9rale acted as Sole Note Arranger for the \u20ac113 million of senior secured notes which were privately placed with three institutional investors. Soci\u00e9t\u00e9 G\u00e9n\u00e9rale was also Sole EBL Lender and Swap Provider for the \u20ac27 million Equity Bridge Facility.<\/p>\n

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.<\/p>\n

BAM PPP PGGM Infrastructure Co\u00f6peratie U.A. and Iridium Concessiones de Infraestructuras S.A are committing \u20ac27 million in equity to the project.<\/p>\n

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.<\/p>\n

Consultants include: legal advisers Pinsent Masons and Ashursts; and financial adviser PWC .<\/p>\n

About BAM PPP<\/h2>\n

BAM PPP is responsible for Royal BAM Group\u2019s 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 \u20ac5.7 billion.<\/p>\n

About Iridium<\/h2>\n

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\u2019s Top Transportation for 15 years (according to Public Works Financing magazine), and it has been awarded over \u20ac10 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 \u20ac30 billion.<\/p>\n

About PGGM<\/h2>\n

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 \u20ac186,6 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. www.pggm.nl<\/a><\/p>\n

Further information<\/h2>\n

BAM<\/h3>\n