BAM Consortium Wins Contract to Renovate Building in The Hague
Royal BAM Group, one of Europe’s most successful construction groups, is part of a consortium that has reached agreement with the Government Buildings Agency (Rijksvastgoedbedrijf) for the renovation of Rijnstraat 8 building in The Hague.
The new flexible government office Rijnstraat 8 will accommodate the Ministry of Foreign Affairs, the Ministry of Infrastructure and Environment, the Immigration and Naturalisation Services and the Dutch Central Agency for the Reception of Asylum Seekers (COA) as of early 2017.
The contract covers the design, construction, financing, maintenance and soft services over a 25-year period.
The project is to be implemented by the PoortCentraal consortium, a partnership between BAM, OMA, and ISS.
BAM PPP won the project in joint venture with PGGM; together, they will be providing the required equity. Project financing is provided by Rabobank and Allianz Global Investors Europe. The present value of the project is €267 million.
Works will start in the last quarter of 2014 and the building will be completed in end 2016. Following the construction phase, the consortium will be responsible for services and management over a 25- year period, including among other services: maintenance, catering, cleaning and logistics.
KPMG were financial advisors to PoortCentraal during the tendering process and the preparations for financial close.
Legal advisor to the consortium was De Brauw Blackstone Westbroek. AON Risk Services and VHIVA supported PoortCentraal with regard to insurance issues. Advisors to the lenders were Nauta Dutilh (legal), Turner & Townsend (technical), BDO (model auditor) and AON Global Risk Consulting (insurance).
