Firm Advises on the Dutch PPP Project Courthouse Breda
13 Jul 2015
International law firm Simmons & Simmons has advised the inBalans consortium on the Dutch PPP Project Courthouse Breda – which reached financial close last week – on project documentation, financing and shareholder structures.
In May 2015 the inBalans consortium entered into a DBFMO (design, build, finance, maintain and operate) agreement with the Central Government Real Estate Agency (the State the Netherlands) for a term of 30 years (as of the availability date).
Costs of the project are approximately €140m and the project includes new housing and facilities for the Court of Zeeland-West-Brabant, the district public prosecutor Zeeland-West-Brabant and the Council for Child Protection (South West region of The Netherlands), to be constructed near the Breda train station. Construction will commence in 2016, after which availability is planned for 2018.
The consortium consists of three shareholders: Macquarie Capital, VolkerWessels and Facilicom. The works will be carried out by Architekten Cie, the architects of Paul de Ruiter, Arup, Halmos, HOMIJ Technical Installations, Imtech Building Services, karres+brands landscape architects, Visser & Smit Bouw and VolkerWessels Real Estate Management. BNG Bank, SMBC and MEAG are also involved in the financing of the project along with Macquarie Capital Group who provided financial advice to the consortium.
Partner Andrew Petry in the firm’s Energy & Infrastructure Sector Group who led the team commented: “our international team, consisting of lawyers, civil law notaries and tax advisors, worked in very close cooperation with the consortium, subcontractors and the lenders to successfully achieve financial close. The financing is an unusual mix of fixed interest and floating rate loans which threw up some interesting issues along the way. We are delighted to have been able to support such an experienced and professional consortium to deliver their first accommodation PPP in The Netherlands".
Willem Stitselaar, Managing Director at Macquarie Capital, said: "Simmons & Simmons’ experience was instrumental in closing the innovative financing structure combining traditional bank lenders and institutionals".
Paolo Geurtsen, Director Project Finance at VolkerWessels commented: "In Simmons & Simmons we found a constructive and pragmatic partner who helped make it possible to reach Financial Close with this exciting funding structure".
The Simmons & Simmons team included Marieke Driessen, Andrea Chao, Rose-Anna Daukes, Pieter Kortbeek, Louise McErlane, Niek Groenendijk and Vincent Engel.
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