3i Infra takes 80% of Dutch museum PPP

3i Infrastructure has committed €6.3m to the Netherlands’ National Military Museum public-private partnership project.

3i Infrastructure, the London Stock Exchange-listed infrastructure investment firm, has invested €6.3 million for an 80 percent interest in the National Military Museum (NMM) public-private partnership (PPP) project in the Netherlands.

In a statement, 3i said €3.25 million of the total commitment had already been invested, with the remainder set to be invested when construction is completed.

NMM was procured by the Dutch Ministry of Defence and comprises the design, build, finance and maintenance of a museum facility at the former Soesterberg airbase 60 kilometres south-east of Amsterdam.

The project is currently being built, with completion of construction expected in September next year. The facility will exhibit military hardware and stage various events including workshops and symposia on military research.

Heijmans, the construction firm involved in the project, will retain a 20 percent stake.

The NMM holding has been acquired from parent 3i Group following its acquisition of Barclays Infrastructure Funds Management (BIFM), which completed at the beginning of last week. BIFM became part of 3i’s infrastructure business and is now known as 3i BIFM.

“This is the first of the investments sourced for 3i Infrastructure from the investment adviser’s enhanced origination platform,” said Cressida Hogg, managing partner for infrastructure at 3i Investments plc.

“We expect that 3i Group’s acquisition of BIFM will bring further investment opportunities for the company,” she added.

3i Infrastructure listed in London in March 2007, raising £703 million in an initial public offering and a further £115 million in a placing and open offer in July 2008. It is a wholly owned subsidiary of 3i Group.