Dutch pension fund administrator PGGM has paid €39 million ($46 million) to increase the stake in its partnership with construction company Royal BAM Group by 10 percent.
The two groups discussed the possibility of extending their partnership earlier this month.
According to several news reports, PGGM now owns 90 percent of the joint venture and is seeking to commit additional funds to grow its investments in infrastructure projects.
This extended partnership combines the capabilities of BAM as a developer and manager of public-private partnership (P3) concessions with the skills and investment capacity of PGGM as a major long-term investor.
PGGM and BAM first launched their partnership in 2011 to jointly target P3 project opportunities in BAM’s home markets.
