Bilfinger Berger intends to sell up to 19 public-private partnership projects

September 19, 2011

September 19, 2011

Bilfinger Berger intends to sell up to 19 public-private partnership projects

Bilfinger Berger intends to introduce a publicly-listed fund in which it will place up to 19 public-private-partnership projects from its current portfolio of 30 concession projects. These include availability-based road projects and social infrastructure projects across the key markets continental Europe, the United Kingdom, Canada and Australia. The assets in the fund will be predominantly operational and revenue generating. The Group has a total equity commitment of €161 million in the 19 project companies.

Shares in the new fund are intended to be listed on the premium segment of the London Stock Exchange with a placement volume of up to £245 million (up to €280 million). Shares in the fund will be offered for sale to institutional investors at a pre-determined price. Bilfinger Berger will commit to a strategic investment of at least 19.9 percent of the fund’s equity.

“In taking this step, our Concessions business segment is now utilizing a fund model for the transfer of an entire portfolio, following the successful sale of several individual projects in the past. We believe that an infrastructure fund, especially in the current critical capital markets situation, is highly attractive for institutional investors thanks to its international reach, the creditworthiness of its project clients and its expected returns”, explained Roland Koch, Chairman of the Executive Board of Bilfinger Berger. According to Koch, the Group intends to make further investments with the proceeds. The Group’s target for equity committed to public-private partnerships remains unchanged at €400 million.

Publication of the prospectus for the fund is planned for October with a listing to follow in November 2011. The sale of the projects to the fund is expected to take effect in the first quarter of 2012 and will lead to net proceeds of up to €270 million for Bilfinger Berger of which a minimum of €55 million will be reinvested in the fund. The anticipated capital gain, depending on exchange rate development and other factors, will be in the magnitude of up to €50 million.

Bilfinger Berger currently has a number of attractive new projects in the bidding phase in its core markets. The fund creates a new basis for future project sales in the Concessions business segment. Through a cooperation agreement, the Group will offer additional mature projects to the fund. Bilfinger Berger will continue asset management for the project companies included in the fund, thereby strengthening its long-term client relations.


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, OR INTO OR FROM CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in the future fund or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities.

Any investment decision must be made exclusively on the basis of the final prospectus to be published by the fund and any supplement thereto in connection with the admission of ordinary shares of the Company ("Ordinary Shares") to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities (the "Prospectus").

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