Success for Bilfinger Berger in Australian PPP business
May 06, 2010
May 6, 2010
Success for Bilfinger Berger in Australian PPP business
Bilfinger Berger has added another milestone to its ongoing global success story in privately-financed concession projects. As part of a public-private partnership, the services and construction Group will expand a correctional facility in the city of Ararat in the Australian state of Victoria.
A consortium led by Bilfinger Berger Project Investments will design, finance and build the new facility expanding the capacity by 358 prisoners and, once completed, will then maintain the complex for a period of 25 years. The Group holds a 50-percent share in the project company. The other half is held by the Commonwealth Bank of Australia, the country’s largest financial services provider. Total investment volume amounts to about €190 million and Bilfinger Berger will make an equity commitment of about €17 million.
The prison in Ararat is the fourth PPP project for Bilfinger Berger in the Australian state of Victoria. At the beginning of this year, a project company led by Bilfinger Berger Project Investments was awarded the contract for the financing, design, construction and operation of the Peninsula Link highway. The two other projects, a hospital and an additional correctional facility, are already in operation. The Company is investing equity totaling more than €70 million in Australia. The concessions portfolio now comprises 28 projects with an equity investment totaling €381 million.
