BAM PPP, a subsidiary of the Dutch Royal BAM Group, has achieved financial close on a PPP project to develop a new parliament building in Potsdam, Germany.
BAM PPP is co-sponsoring the €120 million project with sister companies BAM Deutschland, which will act as building contractor on the scheme, and Müller-Altvatter Gebäudemanagement, which will provide operational and maintenance services over the project’s 30-year concession period.
The consortium has been contracted to design, build, finance, operate and maintain the new building for the federal state of Brandenburg’s parliament, located on the foundations of Potsdam’s Old City Palace.
Debt financing for the transaction was provided by a syndicate of banks including Bayerische Landesbank, NIBC Bank and KFW IPEX-Bank.
Construction work on the project is scheduled to start in spring next year, with the new parliament expected to open in 2013.
BAM PPP now has 28 PPP projects in its portfolio, 18 of which are operational.