PPP for new housing for VWS/RIVM and MEB reaches Financial Close
August 28, 2014
The Central Government Real Estate Agency and the StruktonHurksHeijmans consortium announce that they have reached Financial Close on the PPP project for new housing of the Netherlands National Institute for Public Health and the Environment (RIVM) and the Dutch Medicines Evaluation Board (MEB) at the Utrecht Science Park. The contract for this project, signed on 17 July 2014, comprises the new development of flexible, sustainable and energy-efficient headquarters for two Dutch knowledge institutes: the RIVM and the MEB, which belong to the Ministry of Health, Welfare and Sport (VWS).
The agreement, which takes the form of a DBFMO contract, covers the design, build, finance, maintenance and operation of the new premises for a term of 25 years. The project will be realised by the StruktonHurksHeijmans consortium: a collaboration between Strukton, Hurks, Heijmans and a number of partners including Felix Claus Dick van Wageningen Architecten, H+N+S Landschapsarchitecten and Yask.
Senior debt to the project is being provided by BNG Bank, DekaBank Deutsche Girozentrale and AG Insurance SA/NV. Equity will be provided by Strukton Assets B.V., Hurks participatie I B.V. and Heijmans Capital B.V. The latter is a joint venture between Heijmans and 3i Infrastructure plc. The net present value of the project totals EUR 267 million, not including VAT.
The contracted work, which starts mid 2015, will be completed by the autumn of 2018. Upon completion of the construction phase, the StruktonHurksHeijmans consortium will provide a variety of services for a term of 25 years – among other things in the areas of maintenance, catering, cleaning and logistics services. One interesting aspect of this new development is that it involves the very first private financing in the Netherlands of high-containment laboratory facilities.
Rebel Group acted as the financial adviser to the StruktonHurksHeijmans consortium. Allen & Overy served as legal advisors to the consortium. Insurance advice was provided by AON Risk Services, and tax & accounting advice was provided by Mazars. The lenders were supported by Norton Rose Fulbright (legal), Turner & Townsend (technical), Marsh (insurance) and Mazars (model audit). Financial consultancy services for the Central Government Real Estate Agency were handled by PWC Advisory and J.C. Rathbone.