DIF raises Dutch Ministry of Finance stake

The Dutch infrastructure fund manager has raised its interest in the Dutch Ministry of Finance availability-based project to 94%. It has done so by acquiring shares and shareholder loans from fellow project partner Burgers Ergon.

DIF, the Amsterdam-based infrastructure fund manager, has increased its stake in the Safire project – involving the renovation and operation of the Dutch Ministry of Finance building in The Hague – to 94 percent. It has acquired an unspecified interest from project partner Burgers Ergon, the Dutch engineering firm, in the form of shares and shareholder loans.

The availability-based project, which has seen costs of €105 million, was the first public-private partnership (PPP) project in the Netherlands to involve government accommodation. It reached financial close in December 2006 and has been operational since September 2008, with the contract running to December 2033.

The Safire consortium – which was awarded the contract – comprised DIF, Burgers Ergon, ABN Amro, Strukton,  GTI and ISS Facility Services. A statement from Strukton in December 2008 noted that the renovation of the building on the Korte Voorhout in The Hague had been completed “well in time and within the budget” and claimed the PPP had cut costs by 15 percent compared with a traditional tender.

DIF, which launched in 2005, has a €750 million portfolio of PPP/PFI and renewable energy assets. In November last year, it launched its third fund into the market with a target of €600 million. Its second fund closed on €571 million in September 2010.