Financial Close for Regional Tax Office in Groningen, Holland
On 26 June DUO² (a cooperation between Strukton, Ballast Nedam and John Laing) reached Financial close for the PPP project Housing Informatie Beheer Groep and Regional Tax Office in Groningen. The DBFMO contract with the State was signed on 19 March.
The total value of the contract aside, the financing deal consists of approximately €170 million of debt and equity. The debt will be jointly funded by Bank Nederlandse Gemeenten (BNG) and ING, whilst Strukton, Ballast Nedam and John Laing will provide the equity. Part of the financing package of BNG and ING is an interest and inflation swap.
In March 2008 consortium DUO² was selected as preferred bidder in the European tender for this project. The architect is UNStudio from Amsterdam. Other participants in the consortium include Lodewijk Baljon garden and landscape architects, ISS and YNNO. Legal advisor is Allen & Overy, financial advisor is RBC.
The project comprises the design, build and financing of the new office for the Informatie Beheer Groep and the Regional Tax Office (47,000 m²), including the maintenance and operating of the building for a concession period of 20 years. The building will accommodate approximately 2,500 employees and will benefit from an underground garage with parking facilities for 1,500 bicycles and 675 cars. Additionally, the project includes a large public city garden with pond and a multifunctional pavilion for commercial uses. For this project the Government Buildings Agency used the Design, Build, Finance, Maintain and Operate (DBFMO) approach. Informatie Beheer Groep and the Regional Tax Office will be the users of the building, and are represented by the GBA as the client.
Construction is expected to commence towards the end of 2008/beginning of 2009, with completion due in March 2011. The garage and public city garden is due to be delivered in 2013.