NIEUWEGEIN, The Netherlands, April 1, 2015 /PRNewswire/ --
Ballast Nedam has sold 75% of its investment in the special purpose company (SPC) of the Zaanstad Penitentiary Institution PPP project to a subsidiary of HICL Infrastructure Company Limited ("HICL") for the amount of 11,5 million euros. This amount comprises an investment in shares and a loan stock subscription obligation payable following construction completion.
Ballast Nedam will retain an interest of 25% of the shares and will remain responsible for the day to day project management of the SPC. Ballast Nedam (65%) and Royal Imtech (35%) will both remain responsible for the Build, Maintain and Operate phase of the project.
HICL is an investment company registered in Guernsey specialising in infrastructure investments predominantly in operational, social and transportation infrastructure projects. It has been listed on the London Stock Exchange since 2006 and now has a market capitalisation of over £2.0bn.
The Zaanstad Penitentiary will be constructed in the eastern part of the Hoogtij industrial site in Westzaan, and will accommodate over one thousand detainees. The institution will serve initially as both a prison and a penitentiary psychiatric care institute. The penitentiary will be multifunctional, and the cells will be suitable for multiple occupancy. The penitentiary is scheduled to open in 2016.
Ballast Nedam targets its strategic focus at successfully acquiring and carrying out integrated projects in the working areas of housing and mobility in the Netherlands and internationally. We also work on projects where we can make a difference for the client with our expert knowledge and skills. Ballast Nedam applies a differentiated market approach for its three divisions.
With further industrialization of the building process through the use of innovative modular concepts and standardization Ballast Nedam creates enduring quality at the lowest possible life cycle costs for its clients and society. The Ballast Nedam share is included in the Amsterdam Small Cap Index (AScX) of NYSE Euronext. http://www.ballast-nedam.com
SOURCE Ballast Nedam