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Royal BAM Group and PGGM Form JV
Royal BAM Group and Dutch pension fund administrator PGGM have formed a 50-50 joint venture to invest in the developing social and transport P3 markets in Belgium, Germany, Ireland, the Netherlands, Switzerland and the United Kingdom. The initial target value to be invested is €390 million ($551 million).
The joint venture is named BAM PPP PGGM Infrastructure Coöperatie U.A. BAM Group will transfer existing P3 assets valued at €150 million ($212 million) into the joint venture with the remaining €240 million ($339 million) to be allocated to new projects. BAM Group will retain full responsibility for bid management for new projects and asset management services. It also will represent the joint venture in transactions. PGGM will provide the majority of the required capital for existing projects, while new projects will be funded on a 50-50 basi