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| BAM sells German building company BAM Deutschland to Zech Group and Gustav Zech Foundation Royal BAM Group nv has reached agreement to sell the shares of its German operating company BAM Deutschland (including subsidiaries BAM Immobilien-Dienstleistungen and BAM Sports) to Zech Group SE and Gustav Zech Foundation. The transaction, which is subject to approval of the competition authorities, is expected to close in October. Financial details of the transaction are not being disclosed. The divestment of BAM Deutschland will support BAM's capital ratio by shortening of the balance sheet, and will reduce liquidity and the use of bonding. The transaction will have limited impact on the 2021 income statement, and will not change BAM's outlook for 2021. Based in Stuttgart, BAM Deutschland is a leading company in the German turn-key construction market, as well as in facilities management, with annual revenues of circa €500 million and 750 employees delivering projects including hospitals, offices, universities, prisons, residential buildings and sport stadiums. Current projects include an office building in Berlin, a prison in Willich-Anrath (North Rhine-Westphalia), Westfield Hamburg-Überseequartier, (apartments, retail and offices), university medical centre UKSH in Kiel and Lübeck, and the BBBank Wildpark Stadium in Karlsruhe. Royal BAM Group nv is a construction company with operating companies, active in Construction and Property, Civil engineering, as well as in Public-private partnerships. BAM has leading positions in five European markets: the Netherlands, Belgium, the United Kingdom, Ireland and Germany. Furthermore, the Group delivers projects in Denmark and Luxembourg. write your comments about the article :: © 2021 Construction News :: home page |