BBGI SICAV acquires remaining 50% of Northern Territory Secure Facilities

9th Jun 2015 08:50

Investment group BBGI SICAV S.A has reached a deal with Commonwealth Investments Property to acquire the remaining 50% of Australia-based Northern Territory Secure Facilities.Located near Darwin, the Northern Territory Secure Facilities is a 1,000 bed correctional facility that allows Northern Territory Corrections to engage prisoners into structured daily programmes in order to achieve rehabilitation and stronger re-integration.The London-listed group said the deal, which will be funded by existing facilities, remained conditional on regulatory approval from the Australian Foreign Investment Review Board."This acquisition demonstrates our ability to efficiently add value by acquiring stakes in existing projects where our existing knowledge of the asset serves us well," said group co-chief executive Frank Schramm.BBGI SICAV shares were up 0.78% to 122.45p at 09:12 on Tuesday.