Financial Close for PPP project Kromhout Barracks
Nieuwegein, The Netherlands, 24 July 2008 – On July 23, Komfort (a cooperation between Strukton, Ballast Nedam and John Laing), has closed the financing agreements for the Public Private Partnership project for the realisation and exploitation of the Kromhout Barracks in Utrecht, The Netherlands. On June 4, 2008 the DBFMO contract with the Dutch Ministry of Defence was signed.
The financing deal consists of approximately € 290 million of debt and equity. The debt will be jointly funded by Bank Nederlandse Gemeenten (BNG), ING Bank and Sumitomo Mitsui Banking Corporation (SMBC), whilst Strukton, Ballast Nedam and John Laing will provide the equity. Part of the financing package of BNG, ING and SMBC is an interest swap.
The project involves the construction of accommodation facilities for 2,000 to 3,000 defence employees at the existing terrain of the Kromhout Barracks. This site is to be the base for the headquarters of the Royal Netherlands Army and several other departments of the Ministry of Defence. Construction is expected to start at the beginning of 2009, with completion scheduled for October 2010.
Komfort’s proposition includes all the elements of the design, building, finance, facility services, maintenance and operational services in an integrated 25-year DBFMO (Design, Build, Finance, Maintain and Operate) contract. This agreement represents a value in excess of € 300 million.
In April 2008, Komfort was appointed as preferred bidder following a European tender. The consortium is a cooperation between Ballast Nedam, Strukton and John Laing, who have teamed up with Meyer en Van Schooten Architecten, Karres en Brands landschapsarchitecten (landscape architects and urban planners), and ISS Facility Services. Legal adviser is Allen & Overy; RBC is financial adviser.