Acquisition

RNS Number : 1611N

BBGI SICAV S.A.

24 July 2014

 



24 July 2014 

BBGI SICAV S.A.

BBGI announces the acquisition of a further interest in the Mersey Care Hospital

BBGI SICAV S.A. (LSE ticker: BBGI) is pleased to announce that it has completed the acquisition of a further 12.5% of the equity and 10% of the sub-debt interest in the Mersey Care Mental Health Hospital project ("Mersey Care") in UK from GB Partnerships Investments Limited. BBGI now owns 76.2% of the equity and 80.0% of the sub-debt in the Mersey Care project.

Mersey Care Mental Health Hospital project is the eighth financial close in an existing LIFT project in the Liverpool & Sefton region in which BBGI already holds investment capital. The project consists of a new mental health in-patient facility on the former Walton hospital site in Liverpool, UK. The former Walton Hospital site is being transformed into a new mental health in-patient facility providing 85 single occupancy bedrooms with en-suite bathrooms to facilitate best practices in modern mental health care. Construction completion is expected in December 2014. The concession expires in 2044 and is availability-based with no volume risk.

Frank Schramm, Co-CEO said:

"Having first invested in this high quality PPP/PFI project in 2013, we are delighted to secure this opportunity to further increase our stake.  This small acquisition was made on accretive terms and was concluded without engaging in an auction process."

Duncan Ball, Co-CEO said:

"This acquisition demonstrates our ability to efficiently add value by acquiring stakes in existing projects where our knowledge of the asset serves us well.  BBGI will selectively pursue further growth opportunities in both new and existing assets."

The acquisition was funded from the Company's existing cash resources.

For further information please contact:

BBGI Management Team       [phone]

Duncan Ball      

Frank Schramm

Maitland                                    [phone]

Liz Morley

BBGI own a portfolio of 35 infrastructure assets. These projects are PPP / PFI assets and are supported by contracted, public sector-backed revenue streams, with inflation-protection characteristics.

Further information about BBGI is available on its website at www.bb-gi.com. 

Any reference to the Company or BBGI refers also to its subsidiaries (where applicable).

 

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