Press Releases 2002

December 19, 2002
Financial close for Cross City Tunnel in Sydney: Bilfinger Berger realizes private-sector financed toll tunnel amounting to €520 million

The financial close and the coming into effect of the concession agreements for the Cross City Tunnel in Sydney mark the start for a further significant private-sector project in the portfolio of the Bilfinger Berger Group. The €520 million project considerably strengthens the Company's international position as a provider of build-operate-transfer (BOT) models.

A consortium initiated by Bilfinger Berger will finance and build the two kilometer toll tunnel underneath downtown Sydney and will be responsible for operating it for the following 30 years. The other investors are Deutsche Bank and Cheung Kong Infrastructure Holdings, a member of the Li Ka-shing Group, Hong Kong.

The design, construction and operation of the Cross City Tunnel are in the hands of Bilfinger Berger and its Australian subsidiary Baulderstone Hornibrook. The two companies' close cooperation was recently underpinned in the construction of the M5 East urban freeway in Sydney.

Bilfinger Berger has many years' experience of private-sector projects on its international markets. The Company is involved in the Beijing Lufthansa Center in China and also in the Bangkok Expressway Company, which operates large parts of the elevated highway system in Thailand's capital. Further examples include the Colonial Stadium multi-functional event center in Melbourne, Australia, along with various school and hospital projects in the United Kingdom.

In Germany, Bilfinger Berger is one of the leading experts in public private partnership. Bilfinger Berger was furthermore responsible for the new embassy building in Berlin, a pioneering project commissioned by the British Foreign Office. The Company is also playing a major role in the realization of the Herren Tunnel in Lübeck. The planned privately-financed expansion and operation of sections of freeway that are particularly congested is a clear indication of Germany's growing interest in private-sector financed solutions.