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Liefkenshoek rail tunnel refinancing (Locorail n.v.)



BAM PPP have, on behalf of the 100% sponsor BAM PPP-PGGM, successfully refinanced the Liefkenshoek rail tunnel €580m of debt and associated interest swaps with the following existing lenders – European Investment Bank, BNG Bank, Société Générale, Banco Santander and the new lenders AG Insurance and Baloise Belgium. Société Générale is also acting as Agent and Account Bank.


Having initially reached financial close only months after the Lehman Brothers collapse in 2008, this refinancing very effectively replaces the soft mini-perm structure in place from financial close with a robust 30 year long term financing solution for the remainder of the concession to 2051.

The following external advisors were involved in the transaction: Clifford Chance, Linklaters, Loyens Loeff, Traderisks and Operis. BAM PPP was responsible for the financial advice.




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, 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 48 projects, with a total capital value of over €11.0 billion. BAM PPP is an operating company of Royal BAM Group, a worldwide construction services company listed at Euronext Amsterdam.


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, 2019 PGGM had EUR 238 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.



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