Acquisition

RNS Number : 9719E

BBGI SICAV S.A.

05 March 2020

 

5 March 2020

BBGI SICAV S.A.

(the "Company")

Acquisition of interest in one new availability-based project and a further interest in Stanton Hospital

BBGI SICAV S.A. (LSE ticker: BBGI), the global infrastructure investment

Company is pleased to announce two recent investment acquisitions.

Stanton Hospital

BBGI has completed the acquisition of a further 25% equity interest in the Stanton Territorial Hospital Project ("Stanton"). Stanton is an operational 27,000 m2 hospital with 100 patient rooms located in Yellowknife, Northwest Territories, Canada. The asset is classified as availability-based under the investment policy of the Company. The concession runs until 2048 and availability payments are received from the Government of Northwest Territories, which is rated Aa1 by the credit rating agency Moody's. BBGI's interest in the project is now 50%.

The contractual arrangements between the parties require that the exact purchase price be held confidential but can be confirmed to be less than GBP 10 million.

Duncan Ball, Co-CEO said: "We are delighted to make a follow-on investment into this important healthcare facility. This acquisition was made on accretive terms and concluded without engaging in an auction process."

Highway 104

BBGI, together with its consortium partners, was recently named as the preferred bidder for an availability-based motorway project in Canada that will twin Highway 104 between Sutherlands River and Antigonish in Nova Scotia. Financial close is expected in Q2 2020. Construction is scheduled to begin this spring, with completion expected in 2023. The concession will run until 2043 and availability payments will be received from the Government of Nova Scotia, which is rated Aa2 by Moody's and AA- by Standard & Poor's. BBGI's equity interest in the project will be 50%.

The cash consideration for both interests in Stanton Hospital and Highway 104 will be funded from the Company's existing cash resources and/or debt facilities.

Frank Schramm, Co-CEO said: "We are excited to be involved in the development of this important infrastructure project. The project will improve travel efficiency and safety within Nova Scotia and will create jobs for local workers."

For further information, please contact:

BBGI Management Team   [phone]

Duncan Ball

Frank Schramm

BBGI owns a diversified global portfolio of 48 infrastructure assets spread across seven AAA/AA rated countries. All these projects are availability based 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*.

The Company's LEI is LEI: 529900CV0RWCOP5YHK95

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

* Neither the Company's website nor the content of any website accessible from hyperlinks on its website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

 

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