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BAM and PGGM in discussion to extend their PPP partnership

Dutch pension fund administrator PGGM and Royal BAM Group are discussing the extension of the current partnership between PGGM and BAM PPP. The parties aim to continue their strong track record and explore opportunities to extend their partnership outside BAM's European home markets to benefit from growth in the global PPP market.

This extended partnership would combine and leverage upon the capabilities of BAM as a proven developer and manager of PPP concessions with the skills and investment capacity of PGGM as a major long-term investor. Parties aim to finalise these discussions in the second half of this year.

A first step in the partnership extension was recently effected on 30 June 2020 when PGGM increased its share in 21 projects that are currently within the BAM PPP-PGGM joint venture (from 80% to 90%). This provides PGGM with an immediate increase in their investment volume and BAM with the opportunity to realise value from the current BAM PPP investment portfolio. This transaction will have a positive impact of approximately 14 million on BAM's adjusted result before tax in the first half of the year, which was already included in BAM's trading update on 2 July 2020.

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