Bilfinger Berger completes purchase of stake in projects

7th Apr 2014 09:28

Bilfinger Berger Global Infrastructure (BBGI) has completed the acquisition of an additional 6.67 per cent equity and subordinated-debt interest in two existing operational local improvement finance trust projects in the UK from Galliford Try Investments. The two projects are the North London Estates Project and the Liverpool and Sefton Clinics. Following the acquisition, BBGI owns more than 50% in these projects, giving it controlling rights. The total consideration paid by BBGI was approximately £2m, which was funded from its credit facility.Frank Schramm, Co-Chief Executive Officer, said: "We are very pleased to increase our stake in these high quality projects. This acquisition was made on accretive terms and was concluded without engaging in an auction process." Both projects are classified as availability-based under the investment policy of the company and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics, the firm explained. NR