BAM PPP secures financing for Dendermonde Prison project in Belgium
February 20, 2020 – BAM PPP PGGM has closed financing for the construction of Dendermonde prison project in Belgium.
The firm was selected in 2011 by Belgian Buildings Agency (Regie der Gebouwen/Régie des Bâtiments) and Belgium Federal Governmental Department of Justice (FOD Justitie/SPF Justice) to build the Dendermonde prison.
Under the €194m contract, BAM PPP will be responsible for the designing, building, financing and maintenance of the Dendermonde Prison project, which will house 444 inmates.
Belgian BAM operating company BAM Interbuild will execute the design and construction of the project while BAM Facility Management will provide the maintenance for 25 years.
BAM Facility Management will also provide soft facilities services including laundry, waste treatment and catering services.
The project will receive senior debt facility from Belfius Bank, AG Insurance and Nationale-Nederlanden Levensverzekering Maatschappij.
Additionally, Coöperatieve Rabobank will provide the equity bridge facility for the Dendermonde Prison project.
BAM is planning to commence construction on the project in August 2020. Work is scheduled for completion by October 2022.
Linklaters is serving as the legal adviser while BDO is tax advisor and model auditor. Allen & Overy (legal), AON Global Risk Consulting (insurance), and Mott MacDonald (technical) have advised the lenders.
Recently, BAM/ ACS consortium on behalf of Transport Infrastructure Ireland (TII) and Wexford and Kilkenny County Councils has completed construction on the N25 New Ross Bypass project.
The N25 New Ross Bypass project includes Ireland’s longest bridge, the Rose Fitzgerald Kennedy Bridge and nearly 15km of road network.